Ethereum price has started a recent surge above the $2,320 zone. ETH is currently in a consolidation phase and may struggle to stay above the resistance at $2,385.

• Ethereum has started a decent upward move from the $2,265 zone.
• The price is holding above $2,320 and the 100-hour plain moving average.
• A bullish trend line is forming on the hourly chart of ETH/USD (data intake via Kraken) with support at USD 2,320.
• The pair could start a recent decline if it stays below the $2,300 zone.

Ethereum price faces headwinds

Ethereum price remained above the $2,265 support zone, just like Bitcoin. ETH price formed a base and started a recovery wave above the resistance at $2,300.

The price has breached the 50% Fib retracement level resulting from a move down from the high of $2,423 to the low of $2,265. The bulls even pushed the price up to $2,380. Additionally, a bullish trend line is forming on the hourly chart of ETH/USD with support at $2,320.

Ethereum price is currently trading above $2,320 and the 100-hour plain moving average. If the bulls keep the action above $2,320, the price may be tempted to move higher. Immediate resistance is seen near the $2,385 level or the 76.4% Fib retracement level for a downward move from the $2,423 high to the $2,265 low.

The first key resistance is near the $2,400 level. The next major resistance is near the $2,420 level. A clear move above the resistance at $2,420 could push the price towards the resistance at $2,480. An upward break above the $2,480 region could trigger further gains in the coming days. In this case, Ether may rise towards the resistance zone at $2,550 or even $2,565 in the near future.

Another ETH drop?

If Ethereum fails to break through the resistance at $2,385, a recent decline could begin. Initial downside support is near the $2,320 level. The first major support is located near the $2,300 zone.

A clear move below the support at $2,300 could push the price towards the support at $2,265. Any further losses could push the price towards the $2,220 region. The main support can be $2,200.

Technical indicators

Hourly MACD – MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.

Main support level – USD 2,300

Major resistance level – $2,385