This article is also available in Spanish.
Ethereum price is attempting a recovery wave above $2,280. ETH needs to break through the $2,360 resistance level to continue its uptrend in the short term.
- Ethereum is attempting a recovery in the $2,150 range.
- The price is trading below $2,320 and the 100 hourly simple moving average.
- A major downtrend line has broken, forming resistance at $2,280 on the ETH/USD hourly chart based on data provided by Kraken.
- The pair needs to break the resistance level of $2,360 to continue its uptrend in the short term.
Ethereum price faces resistance
Ethereum price attempted a recovery wave above the $2,400 level. However, ETH failed to break above the $2,450 resistance zone. Like Bitcoin, there was a fresh decline below $2,320.
The $2,150 support level was tested. A low was formed at $2,150 and the price is currently attempting a recovery wave. It moved above the $2,220 and $2,280 resistance levels. The price rose above the 23.6% Fibonacci retracement level of the downtrend from the $2,488 swing high to the $2,150 low.
There was a break above the major downtrend line along with the resistance at $2,280 on the hourly chart of ETH/USD. Ethereum price is currently trading below $2,320 and the 100-hourly simple moving average.
On the upside, the price seems to be facing a hurdle near the $2,320 level. The first major resistance level is near the $2,360 level or the 61.8% Fibonacci correction level of the downtrend from the $2,488 swing high to the $2,150 low. A close above the $2,360 level could see Ether move towards the $2,420 resistance level.
The next major resistance is near $2,480. A break above the $2,480 resistance could push the price higher towards the $2,550 resistance in the short term.
Will ETH fall again?
If Ethereum fails to break the $2,360 resistance, it could start another downtrend. The initial support for the downtrend is near $2,250. The first major support is near the $2,180 area.
A clear move below the $2,180 support level could see the price rise to $2,150. Further losses could see the price rise to the $2,050 support level in the short term. The next major support level is $2,000.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in a downtrend.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Key Support Level – $2,180
Key Resistance Level – $2,360