Ethereum Price Analysis: Recovery Attempts and Future Trends
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Ethereum price has initiated a recovery wave, breaking above the $2,320 resistance level. However, ETH is currently struggling to gain momentum for a move above the $2,385 resistance. Let’s delve deeper into the recent price movements and what could be expected in the near term.
- Ethereum started another decline from the $2,385 resistance.
- The price is trading below $2,350 and the 100-hourly Simple Moving Average.
- There was a break above a short-term declining channel with resistance at $2,290 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $2,350 resistance to continue higher in the near term.
Ethereum Price Attempts Recovery
Ethereum’s price established a base near $2,250, similar to Bitcoin, and began a fresh upward movement. ETH successfully surpassed the $2,300 and $2,320 resistance levels. Additionally, there was a breakout over a short-term declining channel with resistance at $2,290 on the hourly chart of ETH/USD. This allowed the pair to climb above the 50% Fib retracement level of the downward wave from the $2,465 swing high to the $2,252 low.
The price even spiked above $2,360 before encountering resistance. The rejection occurred near the 61.8% Fib retracement level of the downward wave from the $2,465 swing high to the $2,252 low. Currently, Ethereum is trading below $2,350 and the 100-hourly Simple Moving Average. On the upside, the price faces hurdles near the $2,340 level, with the first major resistance around the $2,385 mark. The next key resistance is near $2,420.
An upside break above the $2,420 resistance could potentially lead to more gains. In this scenario, Ether might rise toward the $2,450 resistance zone. The subsequent hurdle would be near the $2,550 level.
Another Decline In ETH?
If Ethereum fails to clear the $2,340 resistance, it could initiate another decline in the near term. The initial support on the downside is near $2,300, with the first major support at the $2,250 zone. A clear move below the $2,250 support could push the price toward $2,180. Further losses might drive the price down to the $2,120 support level in the near term, with the next key support sitting at $2,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,300
Major Resistance Level – $2,385
