Ethereum price managed to stay above $2,170 and recovered losses. ETH consolidating and still facing many hurdles near $2,350 and $2,400.
- Ethereum is attempting a fresh increase above the $2,300 resistance level.
- The price is trading above $2,250 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance near $2,245 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if there is a close above the $2,350 level.
Ethereum Price Regains Strength
Ethereum price extended its decline below the $2,200 level. However, ETH remained stable near the $2,180 and $2,170 levels. A low was formed near $2,170 and the price started a fresh increase, like Bitcoin.
There was a decent increase above the $2,240 level. There was also a break above a connecting bearish trend line with resistance near $2,245 on the hourly chart of ETH/USD. The pair climbed above the $2,320 resistance, but the bears were active near $2,350.Another Decline in ETH?
If Ethereum fails to clear the $2,350 resistance, it could start a fresh decline. Initial support on the downside is near the $2,280 level.Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,260 Major Resistance Level – $2,350