Ethereum’s price is on a recovery wave, aiming to surpass the $2,320 level. However, there is a lack of bullish drive to test the $2,500 resistance zone. Ethereum is currently trading above $2,320 and the 100-hourly Simple Moving Average. A connecting bullish trend line is forming with support at $2,320 on the hourly chart. The price needs to clear the $2,400 resistance to continue moving higher. If it fails to do so, there could be another decline with initial support at $2,320, followed by the $2,240 zone. Ultimately, the next key support sits at $2,000. The MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is now above the 50 zone.
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Ethereum Price Recovers Higher But Lacks Bullish Drive To Test $2,500
