Ethereum price started a recovery wave from the $2,250 zone. ETH is now consolidating and might fail to extend gains above the $2,360 resistance.
- Ethereum started a recovery wave from the $2,250 zone.
- The price is trading below $2,340 and the 100-hourly Simple Moving Average.
- There was a break above a bearish trend line with resistance at $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it stays below the $2,360 zone.
Ethereum Price Faces Resistance
Ethereum price tested the $2,250 support zone before the bulls appeared, like Bitcoin. ETH price formed a base and started a recovery wave above the $2,300 resistance.
There was a break above a bearish trend line with resistance at $2,300 on the hourly chart of ETH/USD. The pair cleared the 23.6% Fib retracement level of the downward move from the $2,465 swing high to the $2,253 low. The price even spiked above $2,335 but faced resistance.
Ethereum price is now trading below $2,350 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,290, the price could attempt another increase. Immediate resistance is seen near the $2,330 level.
The first key resistance is near the $2,360 level and the 50% Fib retracement level of the downward move from the $2,465 swing high to the $2,253 low. The next major resistance is near the $2,385 level. A clear move above the $2,385 resistance might send the price toward the $2,420 resistance. An upside break above the $2,420 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,465 resistance zone or even $2,500 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,360 resistance, it could start a fresh decline. Initial support on the downside is near the $2,290 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 bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,250
Major Resistance Level – $2,360