Ethereum price started a recovery wave above the $2,280 zone. ETH is now consolidating and could struggle to stay above the USD 2,320 resistance.
- Ethereum started a recovery wave from the $2,235 zone.
- The price is trading below $2,300 and the 100-hourly Simple Moving Average.
- A bullish trendline is forming with support at $2,260 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,320 zone.
Ethereum price faces hurdles
Ethereum price remained above the USD 2,220 support zone and tried to recover, just like Bitcoin. ETH price formed a base and started a recovery wave above the USD 2,265 resistance.
The price surpassed the 50% Fib retracement level of the downward move from the $2,382 swing high to the $2,233 low. The bulls even pushed the price towards $2,320. The bears remained active and pushed the price below $2,300.
The Ethereum price is now trading below $2,300 and the 100-hourly Simple Moving Average. Moreover, a bullish trendline is forming with support at $2,260 on the hourly chart of ETH/USD.
If the bulls continue to act above $2,260, the price could rise again. Immediate resistance is seen around the $2,300 level. The first major resistance is near the $2,320 level or the 61.8% Fib retracement level of the downward move from the $2,382 swing high to the $2,233 low.
The next major resistance is around the $2,380 level. A clear move above the USD 2,380 resistance could send the price towards the USD 2,420 resistance. An upside break above the $2,420 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,500 or even USD 2,550 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 2,320 resistance, it could trigger another decline. The initial downside support is near the $2,260 level. The first major support is near the $2,250 zone.
A clear move below the USD 2,250 support could push the price towards the USD 2,220 support. Any further losses could send the price towards $2,150. The main support could be at USD 2,120.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $2,250
Major resistance level – $2,320