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Ethereum price is trying to reach a recovery wave above $2,380. ETH needs to overcome the USD 2,440 resistance to continue higher in the near term.
- Ethereum is trying to stage a recovery from the $2,350 zone.
- The price is trading below $2,440 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $2,400 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to overcome the resistance at $2,440 to continue higher in the near term.
Ethereum price faces resistance
Ethereum price attempted a recovery wave above the USD 2,440 level. However, ETH failed to break the USD 2,500 resistance zone. A high was reached at $2,488 and the price fell again, just like Bitcoin.
It tested the $2,350 support zone. A low was formed at $2,347 and the price is now trying to make a recovery wave. There was a move above the USD 2,365 and USD 2,380 resistance levels. The price climbed above the 23.6% Fib retracement level of the downwave from the $2,488 swing high to the $2,347 low.
Ethereum price is now trading below $2,440 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 2,400 level. A connecting bearish trendline is also forming with resistance at $2,400 on the hourly chart of ETH/USD.
The first major resistance is near the $2,440 level or the 61.8% Fib retracement level of the downward wave from the $2,488 swing high to the $2,347 low. A close above the $2,440 level could send Ether towards the $2,500 resistance.
The next major resistance is near USD 2,550. An upside break above the USD 2,550 resistance could send the price higher towards the USD 2,720 resistance zone in the near term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,440 resistance, it could trigger another decline. The initial downside support is near $2,365. The first major support is near the $2,350 zone.
A clear move below the USD 2,350 support could push the price towards USD 2,310. Any further losses could send the price towards the USD 2,250 support level in the near term. The next major support is at $2,120.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,350
Major resistance level – $2,440
