Ethereum’s price is currently struggling to break above the $2,350 resistance level and may face a potential decline if it fails to do so. The price is currently consolidating above $2,250 and could see a significant increase if it manages to clear the resistance levels at $2,340 and $2,380.
A short-term rising channel is forming with resistance near $2,350 on the hourly chart, indicating the potential for a fresh increase. Furthermore, the price is trading above the 100-hourly Simple Moving Average, which is a positive sign.
If the price manages to break above the $2,350 resistance, it could aim for $2,450, and a clear move above that level could push it even higher towards $2,500. However, if Ethereum fails to surpass the resistance at $2,350, it could experience another decline.
Initial support on the downside is near the $2,280 level and the channel trend line. If the price breaks below this support, the next key support is at $2,240, followed by $2,180. The main support is around $2,120, and any further losses might push the price towards $2,040.
It’s important to note that the above analysis is for educational purposes only and does not constitute financial advice. As with any investment, it is essential to conduct your own research and make informed decisions.