Ethereum Price Struggles To Gain Pace, Recovery Remains Fragile

The pair could start a fresh decline if it stays below the 2,385 zone. Ethereum Price Faces Hurdles Ethereum price remained bid above the 2,250 support zone, like Bitcoin. ETH price formed a base and started a recovery wave above the 2,300 resistance. The price surpassed the 23.6 Fib retracement level of the downward move from the 2,465 swing high to the 2,253 low. The bulls even pushed the price toward 2,350. Besides, there is a rising channel forming with resistance at 2,365 on the hourly chart of ETH/USD. Ethereum price is now trading above 2,320 and the 100-hourly Simple Moving Average. If the bulls remain in action above 2,300, the price could attempt another increase. Immediate resistance is seen near the 2,360 level or the 50 Fib retracement level of the downward move from the 2,465 swing high to the 2,253 low. The first key resistance is near the 2,385 level. The next major resistance is near the 2,400 level. A clear move above the 2,400 resistance might send the price toward the 2,430 resistance. An upside break above the 2,430 region might call for more gains in the coming days. In the stated case, Ether could rise toward the 2,500 resistance zone or even 2,550 in the near term. Another Decline In ETH? If Ethereum fails to clear the 2,385 resistance, it could start a fresh decline. Initial support on the downside is near the 2,300 level. The first major support sits near the 2,250 zone. A clear move below the 2,250 support might push the price toward the 2,200 support. Any more losses might send the price toward the 2,150 region. The main support could be 2,120. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – 2,300 Major Resistance Level – 2,385