Ethereum Recovers Above $2,320 Resistance
Ethereum has experienced a significant recovery wave, surpassing the $2,320 resistance zone. The price is currently trading above $2,300 and the 100-hourly Simple Moving Average. However, there was a break below a key bullish trend line with support at $2,325 on the hourly chart of ETH/USD.
Ethereum Price Holds Support
Ethereum’s price has remained in a positive zone above the $2,250 resistance level. It has cleared the $2,320 resistance and moved further into a positive zone, outperforming Bitcoin. Although there was a correction in gains and a move below the $2,350 level, Ethereum is still above $2,300 and the 100-hourly Simple Moving Average.
More Losses in ETH?
If Ethereum fails to clear the $2,325 resistance level, it could continue to move down. The initial support on the downside is near the $2,300 level and the 100-hourly SMA. The next key support could be at the $2,295 zone or the 61.8% Fib retracement level. A daily close below the $2,295 support may lead to another steady decline in Ether’s price.
Technical Indicators
The MACD for ETH/USD is gaining momentum in the bearish zone. The RSI for ETH/USD is now below the 50 level.
Hot Take: Ethereum’s Recovery Strengthens as it Outperforms Bitcoin
Ethereum’s recent recovery wave has been strong as it surpasses key resistance levels. This performance has allowed Ethereum to outperform Bitcoin in terms of price movement. Although there have been some corrections, Ethereum’s price remains above important support levels. The future direction of Ethereum’s price will depend on its ability to maintain above the $2,300 level and clear resistance at $2,325. Traders and investors will be closely watching these levels as they make their trading decisions.
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