Ethereum Starts Upside Correction
The price of Ethereum has shown signs of recovery as it surpasses the $2,220 resistance level. It has also moved above the $2,240 resistance zone and the 100-hourly Simple Moving Average, indicating a short-term bullish trend.
Bears Active Near $2,300
However, the bears have been active around the $2,300 zone. The price reached a high of $2,307 before experiencing a pullback. It declined below the $2,280 level and broke the 23.6% Fib retracement level.
Recent Breakout and Current Status
The bulls have regained momentum above the $2,240 support level and the 50% Fib retracement level. There was also a break above a bearish trend line with resistance at around $2,265 on the hourly chart. Currently, Ethereum is trading above $2,240 and the 100-hourly Simple Moving Average.
Possible Resistance Levels
On the upside, there are two major resistance levels to watch out for: $2,280 and $2,300. If these levels are cleared, the price may rise further and test the $2,350 resistance.
Source: ETHUSD on TradingView.com
Potential for Another Decline
If Ethereum fails to break through the $2,300 resistance level, it could experience another decline. The initial support level on the downside is around $2,240. The next key support level is at $2,220, and a daily close below this level could trigger a major decline.
Technical Indicators
The hourly MACD for ETH/USD is losing momentum in the bullish zone, while the hourly RSI is now above the 50 level.
Hot Take: Ethereum’s Road to Recovery
Ethereum’s price has shown signs of recovery as it breaks through key resistance levels. While there may be some bearish pressure around the $2,300 zone, the bulls remain active and are pushing the price higher. If Ethereum successfully clears this resistance level, it could pave the way for further gains towards $2,350 and potentially even $2,420. However, if it fails to break through, a decline towards $2,220 or lower is possible. Traders should closely monitor these levels and key technical indicators to gauge Ethereum’s future direction.
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