Ethereum’s price has been attempting a recovery wave above the $2,320 mark, but faces challenges in gaining momentum towards the $2,500 resistance zone. Despite trading above $2,320 and the 100-hourly Simple Moving Average, Ethereum is still struggling to make significant progress.
Although ETH was able to clear the $2,280 resistance zone and move into a positive zone, its momentum pales in comparison to Bitcoin. The bulls managed to push the price above $2,320 and even spiked it above $2,350. However, hurdles near the $2,375 level indicate a struggle to advance further.
The $2,400 resistance level poses a significant challenge for Ethereum’s price movement. A close above this level could propel Ether towards the $2,450 resistance, followed by the key $2,500 level. On the downside, initial support lies near $2,320 and the trend line, with a major support level at $2,240. Failure to hold these support levels could lead to a decline towards $2,150 and even $2,050.
Hourly MACD for ETH/USD is showing signs of losing momentum, while the RSI is hovering above the 50 zone. These indicators suggest that Ethereum’s price recovery is facing challenges in gaining strength and may struggle to maintain upward momentum in the near term.
Ethereum’s price recovery faces several hurdles and struggles to gain momentum towards its key resistance levels. While there are signs of a positive trend forming, the weak momentum compared to Bitcoin and the technical indicators indicate potential difficulties ahead. Traders and investors should closely monitor key support and resistance levels to gauge the future direction of Ethereum’s price movement.