Ethereum price started a recovery wave from the $2,250 zone. ETH is now consolidating and might fail to extend gains above the USD 2,360 resistance.
- Ethereum started a recovery wave from the $2,250 zone.
- The price is trading below $2,340 and the 100-hourly Simple Moving Average.
- There was a break above a bearish trendline with resistance at $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,360 zone.
Ethereum price faces resistance
Ethereum price tested the USD 2,250 support zone before the bulls emerged like Bitcoin. ETH price formed a base and started a recovery wave above the USD 2,300 resistance.
There was a break above a bearish trendline with resistance at $2,300 on the hourly chart of ETH/USD. The pair crossed the 23.6% Fib retracement level on the downward move from the $2,465 swing high to the $2,253 low. The price even spiked above $2,335 but faced resistance.
The Ethereum price is now trading below $2,350 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,290, the price could rise again. Immediate resistance is seen around the $2,330 level.
The first major resistance is near the $2,360 level and the 50% Fib retracement level of the downward move from the $2,465 swing high to the $2,253 low. The next major resistance is around the $2,385 level. A clear move above the USD 2,385 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 resistance zone of $2,465 or even $2,500 in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,360 resistance, it could trigger another decline. The initial downside support is near the $2,290 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 2,200 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 – $2,360