Ethereum price is currently attempting to recover from the $2,350 zone, with the target of breaking above the $2,440 resistance level. However, the price is still trading below $2,440 and the 100-hourly Simple Moving Average, indicating a certain level of resistance in the market.
There is a connecting bearish trend line forming with resistance at $2,400 on the hourly chart of ETH/USD. This trend line, along with the $2,440 resistance level, presents a significant challenge for Ethereum price to continue higher in the near term. The recent high at $2,488 was short-lived, and the price is now struggling to maintain its upward momentum.
Potential for Upside Movement
If Ethereum manages to clear the $2,440 resistance level, it could pave the way for a further rally towards the $2,500 resistance zone. A close above $2,440 might signal a bullish trend, with the next key resistance levels at $2,550 and $2,720. However, failure to break above the $2,440 level could result in another decline, with initial support at $2,365 and major support at $2,350.
The hourly MACD for ETH/USD is currently losing momentum in the bearish zone, while the hourly RSI is above the 50 zone. These technical indicators suggest a mixed outlook for Ethereum price, with the need for a clear break above the resistance levels to confirm a bullish trend.
Ethereum price is facing significant challenges in clearing the $2,440 resistance level and sustaining an upward momentum. The current market situation indicates a need for a decisive move above this resistance level to signal a potential rally towards higher price levels. Traders and investors should closely monitor the price action around the key resistance and support levels to make informed decisions in the volatile cryptocurrency market.
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