Ethereum Price Trapped Below $2,320, Recovery Hopes Start Fading

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Ethereum price started a recovery wave above the $2,280 zone. ETH is now consolidating and might struggle to continue higher above the $2,320 resistance. Ethereum started a recovery wave from the $2,235 zone. The price is trading below $2,300 and the 100-hourly Simple Moving Average. There is a bullish trend line forming with support at $2,260 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline if it stays below the $2,320 zone. Ethereum Price Faces Hurdles Ethereum price remained bid above the $2,220 support zone and attempted to recover, like Bitcoin . ETH price formed a base and started a recovery wave above the $2,265 resistance. The price surpassed the 50% Fib retracement level of the downward move from the $2,382 swing high to the $2,233 low. The bulls even pushed the price toward $2,320. The bears remained active and pushed the price below $2,300. Ethereum price is now trading below $2,300 and the 100-hourly Simple Moving Average . Besides, there is a bullish trend line forming with support at $2,260 on the hourly chart of ETH/USD. If the bulls remain in action above $2,260, the price could attempt another increase. Immediate resistance is seen near the $2,300 level. The first key resistance is near the $2,320 level or the 61.8% Fib retracement level of the downward move from the $2,382 swing high to the $2,233 low. Source: ETHUSD on TradingView.com The next major resistance is near the $2,380 level. A clear move above the $2,380 resistance might send the price toward the $2,420 resistance. An upside break above the $2,420 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,500 resistance zone or even $2,550 in the near term. More Losses In ETH? If Ethereum fails to clear the $2,320 resistance, it could start a fresh decline. Initial support on the downside is near the $2,260 level. The first major support sits near the $2,250 zone. A clear move below the $2,250 support might push the price toward the $2,220 support. Any more losses might send the price toward the $2,150 region. The main support could be $2,120. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,250 Major Resistance Level – $2,320