Ethereum price is trying to break through the bullish wave above $2280. ETH needs to break through the resistance at $2360 to continue the uptrend in the near term.

• Ethereum is trying to rebound from the $2,150 level.
• The price is trading below $2,320 and the 100-hour basic moving average.
• On the hourly chart of the ETH/USD pair (data via Kraken), there was a breakout of a key downtrend line with resistance at $2,280.
• To continue rising in the near future, the pair needs to break through the resistance level of USD 2,360.

Ethereum price meets resistance

Ethereum price tried a rebound wave above the $2,400 level. However, ETH failed to break through the $2,450 resistance zone. A fresh decline below $2,320 occurred, similar to Bitcoin.

$2150 support zone tested. $2150 bottom formed and price is now trying a bounce wave. Move above $2220 and $2280 resistance levels. Price rose above 23.6% Fibonacci retracement level of down wave from $2488 swing high to $2150 low.

There was a break of a key bearish trendline with resistance at $2280 on the ETH/USD hourly chart. Ethereum price is currently trading below $2320 and the 100-hour basic moving average.

On the other hand, the price seems to be facing obstacles near the $2,320 level. The first major resistance is located near the $2,360 level or the 61.8% Fibonacci retracement level of the downtrend from the $2,488 high to the $2,150 low. A close above the $2,360 level could take Ether towards the $2,420 resistance.

The next key resistance is located around $2480. A break of the resistance at $2480 could see the price rally towards the resistance zone at $2550 in the miniature term.

Another ETH drop?

If Ethereum fails to break through the $2,360 resistance, it could begin another decline. Initial support on the downside is near $2,250. The first major support is near the $2,180 zone.

A clear move below the $2,180 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 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 – $2,180

Main resistance level – $2360