Ethereum’s price is currently stuck in a range, prompting the question of whether this is a trap by the bulls or just a technical correction. The price is attempting to break above the $2,280 resistance and could gain bullish momentum if it manages to clear the $2,350 resistance zone.
The price correction led to ETH trading below the $2,300 level, but the bulls were active near the $2,240 support zone, resulting in an upward move. However, Ethereum is still trading within a broad range below the $2,400 pivot zone. It has managed to move above $2,280 and the 100-hourly Simple Moving Average, and a rising channel is forming with resistance near $2,320 on the hourly chart.
If the price breaks above the $2,350 resistance, it could aim for $2,480, and a further move above that level might send it toward $2,550. However, if Ethereum fails to clear the resistance, it could experience another decline. Initial support on the downside is near $2,290 or the 100 hourly SMA, followed by the $2,240 zone and the $2,200 level. The main support is at $2,120, and any additional losses may lead to a drop to $2,080.
Technical indicators show that the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is above the 50 level.
It’s important to note that this information is provided for educational purposes only, and individuals are advised to conduct their own research and make informed investment decisions. Investing carries risks, and caution should be exercised.