The price of Ethereum has started a recovery wave and is struggling to move above the $2,385 resistance level. Ethereum formed a base around $2,250 and was able to clear the $2,300 and $2,320 resistance levels. It broke above a short-term declining channel and climbed above the 50% Fib retracement level. However, the price was rejected near the 61.8% Fib retracement level and is now trading below $2,350 and the 100-hourly Simple Moving Average.

On the upside, there are hurdles near the $2,340 level with the first major resistance at $2,385 and the next key resistance at $2,420. A break above the $2,420 resistance could lead to more gains with the price potentially rising toward the $2,450 and $2,550 resistance zones.

If Ethereum fails to clear the $2,340 resistance level, it could start another decline with the initial support at $2,300 and the first major support at $2,250. A move below $2,250 could push the price toward $2,180 and further losses may bring it down to the $2,120 and $2,050 support levels.

The MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is now above the 50 zone.



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