Ethereum Attempts Fresh Increase Above $2,300 Resistance
Ethereum price has been making a push to surpass the $2,300 resistance level. Currently, the price is trading above $2,250 and the 100-hourly Simple Moving Average. In addition, there was a break above a bearish trend line with resistance near $2,245 on the hourly chart of ETH/USD.
Ethereum Price Regains Strength
After a decline below $2,200, Ethereum found stability near $2,180 and $2,170 levels. However, the price started to increase again. It surpassed the $2,240 level and broke through a connecting bearish trend line with resistance near $2,245.
Although the pair climbed above the $2,320 resistance level, it encountered resistance from bears near $2,350. The price is now correcting gains after forming a high around $2,358. It moved slightly below the $2,320 level.
The current trading situation shows that Ethereum is trading above $2,250 and the 100-hourly Simple Moving Average. If there is another increase in price, it may face resistance near the $2,350 level with the next major resistance at around $2,400.
Another Decline in ETH?
If Ethereum fails to surpass the $2,350 resistance level, it could experience another decline. The initial support on the downside is expected to be near the $2,280 level.
The first key support could be at the $2,260 zone or at the 50% Fib retracement level of the upward move from the swing low of $2,170 to the high of $2,358. A downside break and close below $2,260 might result in further decline, potentially testing the $2,170 support level. Any additional losses could lead to a drop towards the $2,050 level.
Technical Indicators
The MACD for ETH/USD is currently losing momentum in the bullish zone. Meanwhile, the RSI for ETH/USD is now above the 50 level.
Source: ETHUSD on TradingView.com
Hot Take: Ethereum Faces Resistance at $2,350 Level
Ethereum is making efforts to surpass the crucial resistance level of $2,350. If successful, it may gain bullish momentum and continue its upward trend. However, if it fails to break through this resistance, there is a possibility of another decline in price. The key support levels to watch for are $2,280 and $2,260. Traders should closely monitor these levels as they can indicate the future direction of Ethereum’s price movement.
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