Ethereum price is attempting a recovery wave above $2,280. To continue rising, ETH must clear the $2,360 resistance level in the near term. Ethereum's price recently broke above a key bearish trend line but faces hurdles near $2,320 and the 100-hourly Simple Moving Average.
The price attempted to clear $2,400 but faced resistance at $2,450, leading to a decline. It tested the $2,150 support zone and is now attempting a recovery. However, it must break through the $2,360 resistance, which corresponds to the 61.8% Fib retracement level of the downward wave from $2,488 to $2,150.
If ETH manages to close above $2,360, it might head towards the $2,420 and $2,480 resistances, with the potential of reaching $2,550. However, if it fails, another decline might occur, with initial support at $2,250 and key support zones at $2,180 and $2,150. Further losses could push ETH to $2,050 or even $2,000.
Technical indicators show the hourly MACD losing momentum in the bearish zone and the RSI above 50. Major support is at $2,180, with resistance at $2,360.
