Ethereum Faces Resistance Near $2,400, Consolidation Continues
- Ethereum price corrected downwards after failing to break $2,400.
- ETH is trading above $2,300 and the 100-hourly Simple Moving Average.
- A bearish trend line with resistance at $2,360 is forming on the hourly chart of ETH/USD.
- Key support levels are identified at $2,295 and $2,265.
- Immediate resistance levels are near $2,360 and $2,380.
Ethereum’s price remains above crucial support levels as it consolidates following a failed attempt to surpass the $2,400 mark. The presence of a bearish trend line suggests that clearing the immediate resistance at $2,360 could pave the way for further gains.
The price action around these key levels will determine if Ethereum can aim for an upside break or face another decline towards lower supports like $2,220 or even $2,150. (Source)
