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Ethereum price is trying to make a recovery wave above $2280. Ethereum must clear the $2360 resistance level to continue rising in the near term.
- Ethereum is trying to make a recovery wave from the $2150 area.
- The price is trading below the $2,320 level and the 100-hour simple moving average.
- There was a break above a major bearish trend line with resistance at $2,280 on the hourly chart of the ETH/USD pair (data feed via Kraken).
- The pair must clear the $2,360 resistance level to continue rising in the near term.
Ethereum price faces resistance
Ethereum price tried to make a recovery wave above the $2400 level. However, Ethereum failed to surpass the resistance area at $2450. There was a fresh decline below $2320 like Bitcoin.
The price tested the support zone at $2150. A low was formed at $2150 and now the price is trying to form a recovery wave. There was a move above the resistance levels of $2220 and $2280. The price rose above the 23.6% Fib retracement level of the downward wave from the swing high at $2488 to the swing low at $2150.
There was a break above a major bearish trend line with resistance at $2,280 on the hourly chart of the ETH/USD pair. Ethereum price is now trading below $2,320 and the 100-hour 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 high to $2,150 low. A close above the $2,360 level could push Ether towards the $2,420 resistance level.
The next major resistance is near $2,480. An upside break above the $2,480 resistance could push the price towards the $2,550 resistance area in the near term.
Another drop in ETH?
If Ethereum fails to break above the $2,360 resistance level, it could start falling again. Initial support on the downside is near $2,250. The first major support is near the $2,180 area.
A clear move below the $2180 support could push the price towards $2150. Any further losses could push the price towards the $2050 support in the near term. The next major support level is at $2000.
Technical indicators
MACD hourly – The MACD indicator for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Key Support Level – $2180
Key Resistance Level – $2,360
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