Ethereum price started a recovery wave above the $2,320 resistance. However, ETH is struggling to move above the $2,385 resistance, leading to another decline. The price is currently trading below $2,350 and the 100-hourly Simple Moving Average.
There was a temporary break above a short-term declining channel with resistance at $2,290 on the hourly chart of ETH/USD via Kraken. For upward momentum, the pair must clear the $2,350 resistance in the near term.
ETH formed a base near $2,250 and increased like Bitcoin, clearing $2,300 and $2,320 resistance levels. Despite briefly climbing above $2,260, bears rejected further gains near the 61.8% Fib retracement level, and the price remains below $2,350 and the 100-hourly SMA.
On the upside, Ethereum faces hurdles at $2,340, $2,385, and $2,420, with potential gains up to the $2,450 resistance zone. Failing to clear $2,340 could lead to a decline, with initial support near $2,300 and major support around $2,250.
Hourly MACD is losing momentum in the bullish zone, and the RSI is above 50. Major support is around $2,300, while resistance is at $2,385.
