Ethereum’s price is making a recovery attempt after dropping to the $2,350 zone. In order to continue its upward momentum, ETH needs to clear the $2,440 resistance level. However, it is currently trading below $2,440 and the 100-hourly Simple Moving Average.
There is a bearish trend line forming with resistance at $2,400 on the hourly chart of ETH/USD. If the price manages to break through this resistance, it could potentially reach the $2,500 resistance level and even higher towards $2,720.
On the other hand, if Ethereum fails to clear the $2,440 resistance, it may experience another decline. The first support on the downside is around $2,365, followed by a major support near the $2,350 zone. Further losses may push the price towards $2,310 and eventually the $2,250 support level.
The technical indicators show that the MACD for ETH/USD is losing momentum in the bearish zone, while the RSI is now above the 50 zone.
In summary, Ethereum’s price is facing resistance at the $2,440 level, but a successful breakthrough could lead to further gains. However, if it fails to clear this resistance, it may experience another decline with major support levels at $2,365 and $2,350.