Ethereum’s price is holding steady above the $2,300 mark, hinting at the possibility of further gains if it can break through the $2,380 resistance zone.
Currently, Ethereum is exhibiting positive signs but faces significant resistance near the $2,400 level. The price is trading above $2,320, bolstered by the 100-hourly Simple Moving Average. A crucial contracting triangle with resistance at $2,365 is forming on the hourly chart of ETH/USD.
To build on its recent momentum, Ethereum must clear the $2,400 resistance. A look at Ethereum’s market performance reveals that the cryptocurrency is establishing a solid base above the $2,250 mark. Recent gains saw the price surpass the $2,350 level, but it encountered difficulties pushing beyond the $2,400 barrier, hitting a high of $2,390 before starting to consolidate.
Following this peak, there was a minor decline. The price fell below the $2,350 mark and dipped under the 50% Fibonacci retracement level, calculated from the upward swing of $2,278 to the $2,390 high. However, the bulls became active near the $2,320 level, which aligns with the 61.8% Fibonacci retracement level from the $2,278 swing low to the $2,390 high.
Ethereum is now trading above $2,320 and the 100-hourly Simple Moving Average. It faces significant resistance around the $2,365 mark, where a contracting triangle is taking shape. The primary resistance levels are near $2,380 and $2,400. Successfully closing above $2,400 could propel Ether towards the next resistance level at $2,465. Beyond that, the critical resistance stands at $2,550, and an upside break here could see gains extending towards the $2,650 resistance zone.
On the downside, if Ethereum fails to overcome the $2,400 resistance, a decline could ensue. Initial support is found near $2,320, with the first major support level at $2,300. A definitive move below this level might push the price down to $2,250, with further losses possibly sending it towards the $2,200 support level. The next significant support stands at $2,120.
Technical indicators reflect the cautious optimism: the hourly MACD for ETH/USD is losing momentum in the bullish zone, and the hourly RSI for ETH/USD remains above the 50 mark. The major support level is $2,320, and the primary resistance level stands at $2,400.
