Ethereum (ETH) Price Recovers Above $2,320, But Struggles to Gain Pace

Ethereum price started a recovery wave above the $2,250 level. ETH was able to clear the $2,280 resistance zone to move into a positive zone, but momentum was weak compared to Bitcoin.

Ethereum price began a recovery wave from above the $2,250 level. ETH cleared the $2,280 resistance zone to enter a positive territory, but its momentum was weak compared to Bitcoin.

Afterward, there was a move above the 50% Fib retracement level of the downward move from the $2,488 swing high to the $2,150 low. The bulls pushed the price above the $2,320 resistance zone, and the price even spiked above the $2,350 level.

Now, Ethereum price is trading above $2,320 and the 100-hourly Simple Moving Average. Moreover, there’s a connecting bullish trend line forming with support at $2,320 on the hourly chart of ETH/USD.

As for the upside, the price seems to be encountering obstacles near the $2,375 level. The first major resistance is around the $2,400 level or the 76.4% Fib retracement level of the downward move from the $2,488 swing high to the $2,150 low.

A close above the $2,400 level could send Ether toward the $2,450 resistance. The next key resistance is around $2,500, and an upside break above it might lead the price toward the $2,550 resistance zone in the short term.

Another Decline In ETH?

If Ethereum fails to clear the $2,400 resistance, it could begin another decline. The initial support on the downside is around $2,320 and the trend line. The first major support is near the $2,240 zone.

A clear move below the $2,240 support might drag the price toward $2,150, and any further losses could send the price toward the $2,050 support level in the short term. The next key support is at $2,000.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,320

Major Resistance Level – $2,400

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