Ethereum’s price is making a notable attempt at a fresh surge above the $2,300 mark. Should it manage to clear the critical $2,400 resistance zone, it could gain significant bullish momentum. The digital currency is currently trading above $2,330 and the 100-hourly Simple Moving Average, indicating a positive trend. Moreover, a connecting bullish trend line is forming with support at approximately $2,335 on the hourly chart of ETH/USD.
In recent hours, Ethereum initiated a recovery wave surpassing the $2,300 level, breaking the $2,320 resistance to enter a favorable zone, akin to Bitcoin. Despite this upward move, the price faced resistance near the $2,400 mark, peaking at $2,398 before entering a consolidation phase. There was a minor decline, with the price briefly dipping below the $2,360 level and the 23.6% Fibonacci retracement level of the upward move from the $2,242 swing low to the $2,398 high.
Currently, Ethereum is trading above $2,300 and maintaining its position above the 100-hourly Simple Moving Average, with visible bullish trend support at $2,335 on the hourly chart. However, the price is encountering hurdles around the $2,380 level, with the first major resistance looming at $2,400. Successfully closing above this level could propel Ether toward the $2,465 resistance, with the next key resistance around $2,500. If Ethereum pushes past the $2,500 mark, it might see further gains towards the $2,550 resistance zone in the near term.
Conversely, if Ethereum fails to break the $2,400 resistance, it risks another decline. Initial downside support stands near $2,335 and the trend line, with major support situated around the $2,300 zone. This is aligned with the 61.8% Fibonacci retracement level of the upward move from the $2,242 swing low to the $2,398 high. Should the price fall below this $2,300 support, it could potentially drop to $2,240 or even towards the $2,150 support level in the near future. The next substantial support is found at $2,050.
Technical indicators reflect a slightly cautious sentiment. The hourly MACD for ETH/USD is showing signs of losing momentum within the bullish zone, while the hourly RSI for ETH/USD remains above the 50 mark, indicating a relatively balanced outlook. The major support level to watch is at $2,240, with the major resistance level firmly set at $2,400.
