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Ethereum price is trying to reach a recovery wave above $2,320. ETH could struggle to pace a move towards the $2,500 resistance zone.
- Ethereum is attempting a recovery wave above the $2,250 zone.
- The price is trading above USD 2,320 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $2,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to overcome the USD 2,400 resistance to continue higher in the near term.
Ethereum price recovers above USD 2,320
Ethereum price started a recovery wave above the USD 2,250 level. ETH was able to break the $2,280 resistance zone to move into a positive zone, but momentum was weak compared to Bitcoin.
There was a move above the 50% Fib retracement level of the downward move from the $2,488 swing high to the $2,150 low. The bulls were able to push the price above the USD 2,320 resistance zone. The price even spiked above the USD 2,350 level.
Ethereum price is now trading above $2,320 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $2,320 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles around the USD 2,375 level. The first major resistance is near the $2,400 level or the 76.4% Fib retracement level of the downward move from the $2,488 swing high to the $2,150 low. A close above the $2,400 level could send Ether towards the $2,450 resistance.
The next major resistance is near USD 2,500. An upside break above the USD 2,500 resistance could send the price higher towards the USD 2,550 resistance zone in the near term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,400 resistance, it could trigger another decline. The initial downside support is near $2,320 and is on the trendline. The first major support is near the $2,240 zone.
A clear move below the USD 2,240 support could push the price towards USD 2,150. Any further losses could send the price towards the USD 2,050 support level in the near term. The next major support is at $2,000.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,320
Major resistance level – $2,400
