Ethereum Price Tries To Extend Gains, $2,420 Stands In The Way

The pair could start a fresh decline if it stays below the 2,300 zone. Ethereum Price Faces Hurdles Ethereum price remained bid above the 2,265 support zone, like Bitcoin. ETH price formed a base and started a recovery wave above the 2,300 resistance. The price surpassed the 50 Fib retracement level of the downward move from the 2,423 swing high to the 2,265 low. The bulls even pushed the price toward 2,380. Besides, there is a bullish trend line forming with support at 2,320 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 2,320, the price could attempt another increase. Immediate resistance is seen near the 2,385 level or the 76.4 Fib retracement level of the downward move from the 2,423 swing 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 2,420 resistance might send the price toward the 2,480 resistance. An upside break above the 2,480 region might call for more gains in the coming days. In the stated case, Ether could rise toward the 2,550 resistance zone or even 2,565 in the near term. Another Drop 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 2,320 level. The first major support sits near the 2,300 zone. A clear move below the 2,300 support might push the price toward the 2,265 support. Any more losses might send the price toward the 2,220 region. The main support could be 2,200. 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