Ethereum Struggles to Break $2,350 Resistance
The price of Ethereum is facing difficulties in surpassing the $2,350 resistance zone. However, it is currently trading above $2,300 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a short-term rising channel is forming with resistance near $2,350.
Ethereum Price Eyes Fresh Increase
Despite remaining in a range below the $2,350 resistance zone, Ethereum experienced a slight decrease below $2,320. Nevertheless, the bulls stepped in near the $2,280 support zone. The price is now attempting a fresh increase within a range. It has moved above the $2,300 resistance zone and the 100-hourly Simple Moving Average. Additionally, it cleared the 61.8% Fib retracement level of the recent decline.
Possible Upside Targets for Ethereum Price
If Ethereum manages to clear the $2,350 resistance zone, it may initiate a new increase. The first major resistance lies around the $2,325 level or the 76.4% Fib retracement level. The next key resistance is near $2,350 and if surpassed, the price might rise further to test the $2,380 resistance level.
If the bulls successfully push the price above $2,380, they could aim for $2,450 and potentially even reach $2,500.
Another Decline in ETH?
In case Ethereum fails to break above the $2,350 resistance level, it could face another decline. Initial support on the downside can be found near the $2,280 level and the channel trend line. The next significant support is around the $2,240 zone, and a clear move below that might lead the price towards $2,180. The main support level stands at $2,120, and any further losses could push the price towards $2,040.
Technical Indicators
The MACD for ETH/USD is losing momentum in the bearish zone according to the hourly MACD indicator. The RSI for ETH/USD is now above the 50 level, as indicated by the hourly RSI.
Source: ETHUSD on TradingView.com
Hot Take: Ethereum Price Struggles to Break Resistance
Ethereum is facing challenges in breaking above the $2,350 resistance zone. However, it remains above $2,300 and the 100-hourly Simple Moving Average. A short-term rising channel is forming with resistance near $2,350. If the resistance is cleared, Ethereum might experience a fresh increase. On the other hand, if it fails to break above the resistance, it could see another decline with initial support near $2,280. Technical indicators suggest a potential bearish momentum but also show that the RSI is above 50. Overall, Ethereum’s price movement will be crucial in determining its next direction.
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