Ethereum price faces an uphill battle in attempting a recovery wave above the $2,320 mark. Despite trading above this level and the 100-hourly Simple Moving Average, the cryptocurrency might struggle to gain momentum for a move toward the $2,500 resistance zone. This indicates that the current recovery could be short-lived and might face resistance at key levels moving forward.
There is a connecting bullish trend line forming with support at $2,320 on the hourly chart of ETH/USD. While this trend line provides some level of support for Ethereum’s price, it is crucial to note that the strength of this trend line could be tested if the price fails to break past key resistance levels. The ability of Ethereum to maintain above this trend line will determine its short-term price action.
The price of Ethereum faces hurdles near the $2,375 level, with the first major resistance at $2,400 or the 76.4% Fib retracement level. A clear move above $2,400 could signal a positive trend towards the $2,450 and $2,500 resistance levels. On the downside, initial support rests at $2,320 and the trend line, with major support at the $2,240 zone. A breach below these support levels could lead to a decline towards $2,150 and potentially $2,050 in the near term.
The Hourly MACD for ETH/USD is losing momentum in the bullish zone, indicating a potential weakness in the current recovery wave. The Hourly RSI is above the 50 zone, suggesting a neutral sentiment in the market. These technical indicators point towards a cautious approach to Ethereum’s price movement and the need for a clear breakout above key resistance levels for sustained bullish momentum.
Ethereum’s price recovery faces challenges in gaining momentum above key resistance levels. While there is a bullish trend line forming, the strength of this trend line will be tested in the face of major resistance levels. Traders and investors should closely monitor Ethereum’s price action and technical indicators to assess its short-term price movement accurately.
