Ethereum price began a recovery above the $2,300 area. ETH is currently consolidating and may struggle to continue rising above the $2,385 resistance.
- Ethereum began its recovery in the $2,250 region.
- The price is trading above $2,320 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a rising channel with resistance forming at $2,365.
- If it stays below the $2,385 area, the pair could start a new downtrend.
Ethereum Price Faces Hurdles
Ethereum price, like Bitcoin, maintained bids above the $2,250 support area. ETH price formed a base and began a recovery above the $2,300 resistance.
The price crossed the 23.6% Fib retracement level moving down from the $2,465 swing high to the $2,253 low. The strength even pushed the price up to $2,350. Moreover, on the hourly chart of ETH/USD, there is a rising channel with resistance forming at $2,365.
Ethereum price is currently trading above $2,320 and the 100-hour simple moving average. If the uptrend continues above $2,300, the price could attempt another rally. Immediate resistance appears 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 major resistance is near the $2,385 level. The next major resistance is near the $2,400 level. A clear break above the $2,400 resistance level could push the price towards the $2,430 resistance level. An uptick above the $2,430 area could lead to further gains in the coming days. If indicated, Ethereum could rise to the $2,500 resistance zone or $2,550 in the near term.
Another decline in ETH?
If Ethereum fails to clear the $2,385 resistance, it could begin a new downtrend. Initial support for the downside is near the $2,300 level. The first major support is near the $2,250 area.
A clear move below the $2,250 support could push the price towards the $2,200 support. Any more losses could lead the price towards the $2,150 region. The main assistance amount could be $2,120.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Key Support Level – $2,300
Key Resistance Level – $2,385