Este artículo también está disponible en español.
Ethereum price is attempting a recovery wave above $2,380. ETH must clear the $2,440 resistance to continue higher in the near term.
Ethereum Price Eyes Recovery Above $2,380
Ethereum is currently in the midst of a recovery wave from the $2,350 zone. The price is struggling to break above $2,440 and is trading below the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD provided by Kraken, a connecting bearish trend line is forming with resistance at $2,400. For ETH to continue higher in the near term, it must successfully clear the $2,440 resistance.
Ethereum Price Faces Resistance
After attempting a recovery wave above $2,440, Ethereum’s price hit a roadblock at the $2,500 resistance zone. Despite reaching a high of $2,488, the price retraced back, mimicking Bitcoin’s decline. Ethereum tested the $2,350 support zone and formed a low at $2,347 before initiating a recovery wave. The price successfully surpassed the $2,365 and $2,380 resistance levels and climbed above the 23.6% Fib retracement level of the downward wave from $2,488 to $2,347.
However, Ethereum is currently trading below $2,440 and the 100-hourly Simple Moving Average, with hurdles near the $2,400 level. A bearish trend line with resistance at $2,400 on the hourly chart poses a challenge for ETH/USD. The first major resistance is around $2,440, followed by the 61.8% Fib retracement level. A breakthrough above $2,440 could propel Ether towards the $2,500 resistance.
Anticipating another gain, the next key resistance levels are set at $2,550 and $2,720. However, a failure to breach the $2,440 resistance may signal a downward turn for Ethereum.
Potential Decline In ETH?
If Ethereum struggles to surpass the $2,440 resistance, it could trigger another decline. Initial support looms near $2,365, while the primary support rests at $2,350. Further downward movement may lead ETH to test the $2,310 and $2,250 levels before hitting a key support at $2,120.
Technical Indicators
The hourly MACD for ETH/USD shows waning momentum in the bearish zone, while the hourly RSI for ETH/USD is currently above the 50 zone.
Conclusion
Ethereum’s price action remains on edge as it battles to overcome the $2,440 resistance level. The looming hurdles and potential support zones provide a volatile landscape for traders. To stay updated on the latest cryptocurrency news, including Ethereum’s price movements and trends, visit DeFi Daily News for more insightful articles.
Major Support Level: $2,350
Major Resistance Level: $2,440
