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Ethereum price is trying to reach a recovery wave above $2,280. ETH needs to overcome the USD 2,360 resistance to continue higher in the near term.
- Ethereum is trying to stage a recovery wave from the $2,150 zone.
- The price is trading below $2,320 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $2,280 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to overcome the resistance at $2,360 to continue higher in the near term.
Ethereum price faces resistance
Ethereum price attempted a recovery wave above the USD 2,400 level. However, ETH failed to break the USD 2,450 resistance zone. There was another decline below $2,320, as did Bitcoin.
It tested the $2,150 support zone. A low was formed at $2,150 and the price is now trying to make a recovery wave. There was a move above the USD 2,220 and USD 2,280 resistance levels. The price climbed above the 23.6% Fib retracement level of the downwave from the $2,488 swing high to the $2,150 low.
There was a break above a key bearish trendline with resistance at $2,280 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,320 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles around the USD 2,320 level. The first major resistance is near the $2,360 level or the 61.8% Fib retracement level of the downwave from the $2,488 swing high to the $2,150 low. A close above the USD 2,360 level could send Ether towards the USD 2,420 resistance.
The next major resistance is near USD 2,480. An upside break above the USD 2,480 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 2,360 resistance, it could trigger another decline. The initial downside support is near USD 2,250. The first major support is near the $2,180 zone.
A clear move below the USD 2,180 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 bearish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,180
Major resistance level – $2,360
