Ethereum price is trying to break through the bullish wave above $2,320. ETH may struggle to gain momentum to approach the $2,500 resistance zone.

• Ethereum is trying to break through the bullish wave above the USD 2,250 level.
• The price remains above $2,320 and the 100-hour basic moving average.
• On the hourly chart of the ETH/USD pair (data via Kraken), a connecting uptrend line is forming with support at $2,320.
• To continue rising in the near future, the pair needs to break through the resistance level of USD 2,400.

Ethereum price regains the level above $2320

Ethereum price started a rebound above the $2,250 level. ETH was able to break through the $2,280 resistance zone to move into the positive zone, but the momentum was faint compared to Bitcoin.

There was a move above the 50% Fibonacci retracement level of the downward movement from the $2488 high to the $2150 low. The bulls managed to push the price above the $2320 resistance zone. The price even rose above the $2350 level.

Ethereum price is now trading above $2320 and the 100-hour basic moving average. There is also a connecting bullish trendline forming with support at $2320 on the ETH/USD hourly chart.

On the other hand, the price seems to be facing obstacles near the $2,375 level. The first major resistance is near the $2,400 level or the 76.4% Fibonacci retracement level of the downward move from the $2,488 high to the $2,150 low. A close above the $2,400 level could take Ether towards the $2,450 resistance level.

The next key resistance is located around $2,500. A break of the $2,500 resistance could see the price rally towards the $2,550 resistance zone in the miniature term.

Another ETH drop?

If Ethereum fails to break through the $2,400 resistance, it could begin another decline. Initial support on the downside is near $2,320 and the trendline. The first major support is near the $2,240 zone.

A clear move below the $2,240 support could push the price towards $2,150. Any further losses could send the price towards the $2,050 support level in the near future. The next key support is at $2,000.

Technical indicators

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

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

Major Support Level – $2320

Main resistance level – $2400