The Ethereum price is currently attempting a recovery wave above the $2,380 mark. However, in order to continue the upward momentum in the near term, ETH must successfully clear the resistance level at $2,440.
In recent trading sessions, Ethereum has been trying to recover from the $2,350 zone. Despite showing signs of improvement, the price is still below $2,440 and the 100-hourly Simple Moving Average. Additionally, a bearish trend line is forming with resistance at $2,400 on the hourly chart of ETH/USD.
Although Ethereum price made an attempt to surpass the $2,440 level, it ultimately failed to break through the resistance at $2,500. A high was reached at $2,488 before the price declined once again, similar to Bitcoin’s movement. The price tested the support zone at $2,350, forming a low at $2,347, and initiating another recovery wave.
As of now, Ethereum price is trading below $2,440 and the 100-hourly Simple Moving Average. The price is facing obstacles near the $2,400 level, with a connecting bearish trend line at that mark. The first major resistance sits at $2,440, followed by the 61.8% Fib retracement level at $2,440 and the key resistance level at $2,500.
If Ethereum fails to clear the $2,440 resistance, it may experience another decline. The initial support level on the downside is around $2,365, with the first major support at the $2,350 zone. A breakthrough below $2,350 could push the price towards $2,310, and further losses might lead to a decline to the $2,250 support level.
The Hourly MACD for ETH/USD is currently losing momentum in the bearish zone, indicating a potential downward movement. On the other hand, the Hourly RSI for ETH/USD has now crossed above the 50 zone, suggesting a more positive outlook.
The state of Ethereum price is currently in a delicate balance between attempting a recovery and facing resistance levels. The upcoming trading sessions will be crucial in determining the direction of ETH’s movement in the near term.
