Ethereum price began its recovery above the $2,280 area. ETH is currently consolidating and may struggle to continue rising above the $2,320 resistance.
- Ethereum began its recovery in the $2,235 region.
- The price is trading below $2,300 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a bullish trendline forming with support at $2,260.
- If it stays below the $2,320 area, the pair could start a new downtrend.
Ethereum Price Faces Hurdles
Ethereum price maintained its bid above the $2,220 support area and attempted to recover like Bitcoin. ETH price formed a base and began a recovery above the $2,265 resistance level.
The price crossed the 50% Fib retracement level moving downward from the $2,382 swing high to the $2,233 low. The strength even pushed the price up to $2,320. The downtrend was still active and the price fell below $2,300.
Ethereum price is currently trading below $2,300 and the 100-hour simple moving average. Additionally, there is a bullish trend line supporting $2,260 on the hourly chart of ETH/USD.
If the uptrend continues above $2,260, the price could attempt another rally. Immediate resistance appears near the $2,300 level. The first major resistance is near the $2,320 level or the 61.8% Fib retracement level for a downward move from the $2,382 swing high to the $2,233 low.
The next major resistance is near the $2,380 level. A clear break above the $2,380 resistance level could push the price towards the $2,420 resistance level. An uptick above the $2,420 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.
Will there be more losses in ETH?
If Ethereum fails to clear the $2,320 resistance, a new downtrend could begin. Initial support for the downside is near the $2,260 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 $2,220 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 bearish territory.
RSI per hour – The RSI for ETH/USD is now below the 50 area.
Key Support Level – $2,250
Key Resistance Level – $2,320