Ethereum price is trying to break through a bullish wave above $2,380. ETH needs to break through resistance at $2,440 to continue its gains in the near term.

• Ethereum is trying to rebound from the $2,350 level.
• The price is trading below $2,440 and the 100-hour plain moving average.
• On the ETH/USD hourly chart (data via Kraken), a connecting downtrend line is forming with resistance at $2,400.
• To continue rising in the near future, the pair needs to break through the resistance level of USD 2,440.

Ethereum price meets resistance

Ethereum price tried to rebound above the $2,440 level. However, ETH failed to break through the $2,500 resistance zone. The high formed at $2,488 and the price fell again, similar to Bitcoin.

$2350 support zone tested. $2347 low formed and price is now trying to make a rebound. Move above $2365 and $2380 resistance levels. Price rose above 23.6% Fibonacci retracement level of downtrend from $2488 high to $2347 low.

Ethereum price is currently trading below $2,440 and the 100-hour plain moving average. On the other hand, the price seems to be encountering obstacles near the $2,400 level. A connecting bearish trendline is also forming on the ETH/USD hourly chart with resistance at $2,400.

The first major resistance is near the $2,440 level or the 61.8% Fibonacci retracement level of the downtrend from the $2,488 high to the $2,347 low. A close above the $2,440 level could take Ether towards the $2,500 resistance.

The next key resistance is located around $2,550. A break of the resistance at $2,550 could see the price rally towards the resistance zone at $2,720 in the low term.

Another ETH drop?

If Ethereum fails to break through the $2,440 resistance, it could begin another decline. Initial support on the downside is near $2,365. The first major support is near the $2,350 zone.

A clear move below the $2350 support could push the price towards $2310. Any further losses could send the price towards the $2250 support level in the near future. The next key support is at $2120.

Technical indicators

Hourly MACD – MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI indicator for the ETH/USD pair has already exceeded the level of 50.

Major Support Level – $2,350

Main resistance level – $2440