Ethereum price started a recovery wave above the $2,300 zone. ETH is now consolidating and might struggle to continue higher above the $2,385 resistance.
- Ethereum started a recovery wave from the $2,250 zone.
- The price is trading above $2,320 and the 100-hourly Simple Moving Average.
- There is a rising channel forming with resistance at $2,365 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it stays below the $2,385 zone.
Ethereum Price Faces Hurdles
Ethereum price remained bid above the $2,250 support zone, like Bitcoin. ETH price formed a base and started a recovery wave above the $2,300 resistance.
The price surpassed the 23.6% Fib retracement level of the downward move from the $2,465 swing high to the $2,253 low. The bulls even pushed the price toward $2,350. Besides, there is a rising channel forming with resistance at $2,365 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,320 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,300, the price could attempt another increase. Immediate resistance is seen near the $2,360 level or the 50% Fib retracement level of the downward move from the $2,465 swing high to the $2,253 low.
The first key resistance is near the $2,385 level. The next major resistance is near the $2,400 level. A clear move above the $2,400 resistance might send the price toward the $2,430 resistance. An upside break above the $2,430 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,500 resistance zone or even $2,550 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,385 resistance, it could start a fresh decline. Initial support on the downside is near the $2,300 level. The first major support sits near the $2,250 zone.
A clear move below the $2,250 support might push the price toward the $2,200 support. Any more losses might send the price toward the $2,150 region. The main support could be $2,120.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining 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