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Ethereum Price Coiling Tight, Explosive Move Could Trigger Anytime
Ethereum price has started a fresh increase and is currently consolidating above $2,355. The price is trading above $2,350 and the 100-hourly Simple Moving Average, with a bullish trend line forming with support at $2,350. If the price stays above the $2,300 zone, it could continue to move up. Ethereum price managed to stay above the $2,320 support and started a fresh increase, gaining pace for a move above $2,340 and $2,350. The price even climbed toward $2,380 and formed a high at $2,398 before consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $2,220 swing low to the $2,398 high. The immediate resistance is seen near the $2,380 level, with the first key resistance near the $2,400 level. A clear move above the $2,420 resistance might send the price toward the $2,500 resistance, potentially leading to more gains in the coming days. If Ethereum fails to clear the $2,400 resistance, it could start a downside correction, with initial support on the downside near the $2,350 level and the trend line. The technical indicators, including the Hourly MACD and RSI, are currently in the bullish zone, supporting the potential for further gains.
