Ethereum price is holding gains above the $2,300 level. ETH could gain bullish momentum if it clears the $2,380 resistance zone. Ethereum is showing positive signs but facing hurdles near $2,400. The price is trading above $2,320 and the 100-hourly Simple Moving Average.
There is a key contracting triangle forming with resistance at $2,365 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $2,400 resistance to continue higher in the near term. Ethereum is forming a base above $2,250 similar to Bitcoin.
Recently, there was an increase above $2,350, but the price struggled near $2,400, forming a high at $2,390 and consolidating. Minor declines occurred below $2,350, but bullish activity was noted near $2,320. Ethereum price is now trading above $2,320 and the 100-hourly Simple Moving Average.
Resistance levels are noted at $2,365, $2,380, and $2,400. A clear breakout above these levels could send Ether towards $2,465 and potentially $2,550. However, failing to clear $2,400 might result in another decline.
Initial support lies near $2,320, with major support at $2,300. A move below $2,300 might push prices toward $2,250 or even $2,200. Technical indicators show the Hourly MACD losing bullish momentum and the RSI above 50.
