Ethereum’s price is currently making efforts to recover above $2,380. The cryptocurrency must overcome the $2,440 resistance to continue its upward trajectory in the near term. Recently, Ethereum saw a recovery wave from the $2,350 zone but is still trading below $2,440 and the 100-hourly Simple Moving Average. A connecting bearish trend line has formed, presenting resistance around $2,400 on the hourly chart of ETH/USD.
The price faced resistance after attempting to climb above $2,440, failing to sustain momentum beyond the $2,500 resistance zone. It reached a peak at $2,488 before descending once more, echoing Bitcoin’s decline. Upon hitting the $2,350 support zone, Ethereum formed a low at $2,347 and began another recovery wave, successfully moving past the $2,365 and $2,380 resistance levels. Additionally, it climbed above the 23.6% Fibonacci retracement level, which measured the movement from the $2,488 high to the $2,347 low.
Currently, Ethereum is trading under the $2,440 mark and below the 100-hourly Simple Moving Average. Moving higher, the price encounters significant hurdles around the $2,400 level, complicated further by a bearish trend line with resistance at the same level on the hourly ETH/USD chart. The first significant resistance lies near $2,440, which aligns with the 61.8% Fibonacci retracement level of the aforementioned downward movement. A close above this resistance may propel Ether towards the crucial $2,500 resistance zone.
Looking ahead, the subsequent key resistance looms near $2,550. Should Ethereum manage an upside break above this level, the price might surge toward the $2,720 resistance area in the near future. However, if Ethereum fails to surpass the $2,440 resistance, another decline could be on the horizon. Immediate support rests near $2,365, with the first major support level at $2,350. A decisive break below $2,350 might drive the price down to $2,310, with further losses potentially leading to a descent toward the $2,250 support level, and an additional key support emerging at $2,120.
Technical indicators reflect the ongoing market dynamics. The hourly MACD is losing momentum within the bearish zone, while the hourly RSI stands above the 50 mark, indicating a slightly positive momentum. Major support levels to watch include $2,350, with significant resistance at $2,440.
