Ethereum Shows Signs of Recovery
Ethereum has started an upside correction from the $2,165 support level. Currently, the price is trading below $2,250 and the 100-hourly Simple Moving Average. There is a short-term bearish trend line forming with resistance near $2,225 on the hourly chart of ETH/USD.
Potential for a Decent Increase
If Ethereum clears the $2,240 resistance zone, it may experience a decent increase in price. The first major resistance is near $2,240, followed by the $2,280 level or the 100-hourly Simple Moving Average. If the price surpasses these levels, it could test the $2,320 and $2,360 resistance levels.
Risks of Another Decline
If Ethereum fails to break the $2,240 resistance, it might start another decline. The initial support level on the downside is around $2,200. The next key support level is at $2,165. A daily close below this support could lead to a major decline with a potential test of the $2,080 support level.
Technical Indicators
The MACD indicator for ETH/USD is losing momentum in the bearish zone. Meanwhile, the RSI indicator is above the 50 level.
Hot Take: Ethereum’s Recovery Hangs in Balance
Ethereum is currently facing resistance near the $2,240 level and needs to overcome this hurdle to continue its recovery. Failure to do so could result in another decline towards key support levels. Traders should closely monitor these levels and watch for any significant moves that could dictate Ethereum’s short-term direction.
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