Ethereum Prints Bullish Pattern, Why Close Above $2,300 Is Crucial

Ethereum remained supported near the $2,150 zone against the US Dollar. ETH price is rising, but a close above $2,300 is important for upside continuation.

Ethereum found support near $2,150 and it started a fresh increase.
The price is back above the $2,200 zone and the 100 hourly simple moving average.
There was a break above a major contracting triangle with resistance near $2,260 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to gain strength if there is a close above the $2,300 and $2,320 levels.

Ethereum Price Resumes Upward Move
Ethereum remained well bid above the $2,150 and $2,120 support levels, similar to bitcoin. ETH price formed a base above $2,150 and it started a fresh increase.
There was a break above the $2,200 resistance the 100 hourly simple moving average. Ether surpassed the 50% Fib retracement level of the downside correction from the $2,431 swing high to $2,151 low. There was also a break above a major contracting triangle with resistance near $2,260 on the hourly chart of ETH/USD.
The pair is now trading near the $2,300 resistance. The first major resistance is near the $2,320 level. It is near the 61.8% Fib retracement level of the downside correction from the $2,431 swing high to $2,151 low.

Source: ETHUSD on TradingView.com
A close above the $2,320 level could set the pace for more gains. The next major barrier for the bulls could be near the $2,400 level, followed by $2,420. Any more upsides might call for a test of the $2,500 resistance zone in the near term.
Dips Limited in ETH?
If Ethereum fails to continue higher above $2,300 and $2,320, it could start a fresh decline. An initial support on the downside is near the $2,250 level.
The first major support is near the $2,220 level and the 100 hourly simple moving average. The main support is now forming near the $2,200 level. Any more losses could lead the price back towards the $2,150 support zone. If the bulls fail to protect the $2,150 support, there are high chances of a larger decline. The next major support sits near the $2,050 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $2,200
Major Resistance Level – $2,320

Ora Goodwin
Ora Goodwin
I am a well-known and respected author in the cryptocurrency field. I have been writing about Bitcoin and other digital currencies for over 5 years, and my work has appeared in some of the most respected publications in the space. I am also a regular speaker at industry events, and my insights into the crypto market are highly sought after by both media and investors. In addition to my writing and speaking engagements, I am also an active advisor to several blockchain startups, and I sit on the board of directors for the Blockchain Education Network.

Similar Articles

Most Popular

Why Integrity Matters More Than Profits in Crypto Industry

Known for its dynamic and innovative technology, the crypto industry has seen explosive growth in its user base in recent years. According to Statista,...

5ire Token Set To Launch on Bybit Exchange: December 05

- Brace yourselves for a groundbreaking moment as 5ire prepares to unleash the 5ire token on Bybit Exchange on December 05, igniting a...

Cryptocurrency Unleashed: Haryaneaaleindiankaran’s Social Media Evolution

In a digital era where social media influencers often capture the spotlight, one TikTok sensation has transcended his platform, becoming not just a crypto...

QuickSwap integrates dappOS V2 to provide intent-centric UX

QuickSwap, the top-ranked decentralized exchange in the Polygon ecosystem, has integrated dappOS V2 to provide intent-centric user experience and bring new exciting features. Firstly, dappOS...

The Earn Network Announces Upcoming $EARN Token Public Sale – Starting on November 24, 2023 on Leading Launchpads

The Earn Network, a decentralized platform at the forefront of yield generation in the DeFi sector, is thrilled to announce the public sale of...

CAGA Crypto Launches into the Market with Impressive results: Token Trends and Volume Analysis

CAGA Crypto Launched into the Market with Impressive Results and significantly surged in price just a day after its listing.  At its listing,...

Stader Labs integrates dappOS V2 to offer intent-centric UX

Singapore, — The innovative staking platform Stader Labs has integrated dappOS V2 to offer intent-centric user experience and new powerful features.  dappOS unified account...

Chappyz Announces Token Listing on Tier-1 Exchanges After Raising Over $1M During IDO

The platform's token, $CHAPZ, is set to go live on Bitget and Gate.io on Monday, November 13, 12 pm UTC. (London, United Kingdom, November...