Ethereum price is attempting a recovery from the $2,400 zone. The recovery wave started above the $2,450 level, and the price is now trading over $2,500 and the 100-hourly Simple Moving Average.
There was a break above a bearish trend line with resistance at $2,485. To continue rising, Ethereum needs to clear the $2,550 resistance level. Further resistance points are at $2,600, $2,650, and $2,720.
However, if Ethereum fails to clear the $2,550 resistance, it could see another decline with initial support near $2,495 and major support zones at $2,450 and $2,400. More losses could push the price toward $2,320 and $2,250.
The hourly MACD is gaining momentum in the bullish zone, and the RSI is above the 50 zone, indicating a positive trend.
