Ethereum price is attempting a recovery wave above $2,280. ETH must clear the $2,360 resistance to continue higher in the near term.
Ethereum is attempting a recovery wave from the $2,150 zone.
The price is trading below $2,320 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $2,280 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,360 resistance to continue higher in the near term.
Ethereum Price Faces Resistance
Ethereum price attempted a recovery wave above the $2,400 level. However, ETH failed to clear the $2,450 resistance zone. There was a fresh decline below $2,320 like Bitcoin.
It tested the $2,150 support zone. A low was formed at $2,150 and the price is now attempting a recovery wave. There was a move above the $2,220 and $2,280 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $2,488 swing high to the $2,150 low.
There was a break above a key bearish trend line with resistance at $2,280 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,320 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles near the $2,320 level. The first major resistance is near the $2,360 level or the 61.8% Fib retracement level of the downward wave from the $2,488 swing high to the $2,150 low. A close above the $2,360 level might send Ether toward the $2,420 resistance.
The next key resistance is near $2,480. An upside break above the $2,480 resistance might send the price higher toward the $2,550 resistance zone in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,360 resistance, it could start another decline. Initial support on the downside is near $2,250. The first major support sits near the $2,180 zone.
A clear move below the $2,180 support might push the price toward $2,150. Any more losses might send the price toward the $2,050 support level in the near term. The next key support sits 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
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
