Ethereum’s price has remained relatively stable, with support resting around $2,170, and is showing signs of recovery after recent losses. However, the cryptocurrency is currently facing significant resistance at the $2,350 and $2,400 levels.
Despite these challenges, Ethereum is making efforts to break through the resistance and establish a positive trend. Currently, it is trading above $2,250 and the 100-hourly Simple Moving Average, indicating a potential upward movement. In fact, there was a successful break above a bearish trend line with resistance near $2,245 on the hourly chart of ETH/USD.
The recent ascent saw the pair climb above the $2,320 resistance, but it encountered resistance around the $2,350 mark. While a high of $2,358 was reached, the price has since corrected slightly, signaling a short-term decline.
Looking ahead, if Ethereum manages to close above the $2,350 level, it could gain bullish momentum. However, the next major resistance stands at $2,400, with the main uptrend hurdle sitting at $2,450. A firm break above this level could pave the way for a rally towards $2,540 and even $2,720, offering significant potential for upside movement.
However, if Ethereum fails to break through the $2,350 resistance, it may face a fresh decline. Initial support is around the $2,280 level, followed by the $2,260 zone or the 50% Fib retracement level. A break and close below $2,260 may lead to further downward movement, with support around the $2,170 level.
On the technical side, Ethereum’s MACD and RSI indicators are providing mixed signals, with the MACD losing momentum in the bullish zone and the RSI fluctuating above the 50 level.
Investors are advised to conduct their own research and consider the risks associated with investing in the cryptocurrency market. The information provided here is for educational purposes only and does not constitute financial advice.
