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Ethereum price is currently attempting a recovery wave above $2,280. To continue this upward trend in the near term, ETH must clear the significant $2,360 resistance level.
- Ethereum is making an effort to recover from the $2,150 zone.
- The price is trading below $2,320 and the 100-hourly Simple Moving Average.
- A break above a key bearish trend line with resistance at $2,280 was observed on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to surpass the $2,360 resistance to move higher in the near term.
Ethereum Price Faces Resistance
Ethereum price recently attempted a recovery wave above the $2,400 level. However, ETH encountered significant resistance around the $2,450 zone, leading to a fresh decline below $2,320, similar to Bitcoin’s behavior.
The price tested the $2,150 support zone, forming a low at this level. Since then, Ethereum has been attempting a recovery wave, moving above the $2,220 and $2,280 resistance levels. The price also climbed beyond the 23.6% Fibonacci retracement level of the downward wave from the $2,488 swing high to the $2,150 low.
There was a break above a critical bearish trend line with resistance at $2,280 on the hourly chart of ETH/USD. Ethereum is currently trading below $2,320 and the 100-hourly Simple Moving Average.
Resistance Levels to Watch
On the upside, Ethereum faces hurdles near the $2,320 level. The first major resistance is around the $2,360 level, which coincides with the 61.8% Fibonacci retracement level of the downward wave from the $2,488 swing high to the $2,150 low. A close above $2,360 could propel Ether towards the $2,420 resistance level.
The next key resistance is near $2,480. Breaking above this level could send the price higher towards the $2,550 resistance zone in the near term.
Potential Decline in ETH?
If Ethereum fails to clear the $2,360 resistance, it might start another decline. Initial support on the downside is near $2,250, with the first major support sitting near the $2,180 zone.
A clear move below the $2,180 support might push the price towards $2,150. Further losses could drive the price down towards the $2,050 support level in the near term. The next key support is positioned at $2,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,180
Major Resistance Level – $2,360
