Ethereum price started a new increase above the $2,320 zone. ETH is now consolidating and could struggle to stay above the USD 2,385 resistance.
- Ethereum started a decent upward move from the $2,265 zone.
- The price is trading above USD 2,320 and the 100-hourly Simple Moving Average.
- A bullish trendline is forming with support at $2,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,300 zone.
Ethereum price faces hurdles
Ethereum price, like Bitcoin, remained above the $2,265 support zone. ETH price formed a base and started a recovery wave above the USD 2,300 resistance.
The price surpassed the 50% Fib retracement level of the downward move from the $2,423 swing high to the $2,265 low. The bulls even pushed the price towards $2,380. Moreover, a bullish trendline is forming with support at $2,320 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,320 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,320, the price could rise again. Immediate resistance is seen near the $2,385 level or the 76.4% Fib retracement level of the downward move from the $2,423 swing high to the $2,265 low.
The first major resistance is near the $2,400 level. The next major resistance is around the $2,420 level. A clear move above the USD 2,420 resistance could send the price towards the USD 2,480 resistance. An upside break above the $2,480 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,550 or even USD 2,565 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,385 resistance, it could trigger another decline. The initial downside support is near the $2,320 level. The first major support is near the $2,300 zone.
A clear move below the USD 2,300 support could push the price towards the USD 2,265 support. Any further losses could send the price towards $2,220. The main support could be $2,200.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,300
Major resistance level – $2,385