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Ethereum is currently in the process of attempting a recovery wave above $2,280. In order to continue moving higher in the near term, ETH must successfully surpass the $2,360 resistance level.
Ethereum’s price is currently trying to recover from the $2,150 zone, although it is trading below $2,320 and the 100-hourly Simple Moving Average. The hourly chart of ETH/USD from Kraken shows that there was a breakthrough above a crucial bearish trend line with resistance at $2,280. For ETH to continue its upward trend, it must clear the $2,360 resistance level.
Ethereum Price Faces Resistance
After attempting a recovery wave above the $2,400 level, Ethereum’s price failed to surpass the $2,450 resistance zone. This led to a new decline below $2,320, following the trend of Bitcoin. The price then tested the $2,150 support zone, reaching a low of $2,150 before starting a recovery wave.
There was an increase past the $2,220 and $2,280 resistance levels, allowing the price to climb above the 23.6% Fib retracement level from the downward wave starting at the $2,488 swing high and ending at the $2,150 low. Additionally, a major breakthrough occurred with the breach of a key bearish trend line at $2,280 on the hourly chart of ETH/USD. Currently, Ethereum’s price is below $2,320 and the 100-hourly Simple Moving Average.
On the upside, obstacles are present around the $2,320 level. The primary resistance lies near $2,360 or the 61.8% Fib retracement level from the downward wave starting at the $2,488 swing high and ending at the $2,150 low. A closing above the $2,360 level could propel Ether towards the $2,420 resistance level.
The next major resistance for Ethereum’s price is around $2,480. Breaking above this resistance could potentially drive the price towards the $2,550 resistance zone in the near future.
Another Decline In ETH?
If Ethereum is unable to surpass the $2,360 resistance level, a new decline may begin. Initial support on the downside is anticipated around $2,250, with the primary support resting near the $2,180 zone.
A clear move below the $2,180 support could lead to a drop towards $2,150. Further losses may push the price towards the $2,050 support level in the near term, with the next significant support level lying at $2,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently showing a loss of momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD has now surpassed the 50 zone.
Major Support Level – $2,180
Major Resistance Level – $2,360
Conclusion
In conclusion, Ethereum’s price is currently battling resistance levels as it attempts a recovery wave. The upcoming days will be crucial in determining whether ETH can surpass the $2,360 obstacle and continue its upward trajectory. For the latest news and updates on Ethereum and other cryptocurrencies, make sure to visit DeFi Daily News.
