Ethereum’s price has managed to avoid a trend reversal and has instead regained strength after staying above the $2,170 level. However, the cryptocurrency still faces significant barriers at around $2,350 and $2,400.
Currently, Ethereum is attempting to break above the $2,300 resistance level and is trading above $2,250 and the 100-hourly Simple Moving Average. It has also successfully broken a bearish trend line resistance near $2,245, indicating positive momentum.
Despite climbing above the $2,320 resistance, Ethereum encountered resistance from the bears near $2,350. The price reached a high of around $2,358 but is currently undergoing a correction. It briefly dipped below the $2,320 level and the 23.6% Fib retracement level but remains above $2,250.
To gain bullish momentum, Ethereum needs to close above the $2,350 level. The next significant resistance is at $2,400, followed by the main obstacle at $2,450. Breaking above $2,450 could trigger a substantial upward move, potentially leading to a rally towards $2,540 and even $2,720. Further gains beyond that might push the price toward the $2,800 zone.
However, failing to clear the $2,350 resistance could result in a fresh decline for Ethereum. Initial support on the downside is expected near $2,280, but the key support lies at $2,260. A break and close below $2,260 might lead to further losses, potentially testing the $2,170 support level and even the $2,050 level.
In terms of technical indicators, the MACD for ETH/USD suggests a loss of bullish momentum, while the RSI is currently above the 50 level.
Please note that this article is meant for educational purposes only and does not constitute investment advice. It is always recommended to conduct thorough research before making any investment decisions.