Ethereum Faces Resistance in Recovery Wave
- The Ethereum price began a recovery wave from the $2,250 support zone.
- ETH is trading above $2,320 and the 100-hourly Simple Moving Average.
- A rising channel with resistance at $2,365 is forming on the hourly chart of ETH/USD.
- Key resistance levels are at $2,385 and $2,400, with potential gains toward $2,430 if surpassed.
- Failure to break above $2,385 could lead to a decline toward initial support at $2,300 and major support at $2,250.
Ethereum’s price is attempting to recover after forming a base above the $2,250 zone. Trading above key moving averages suggests bullish momentum but faces significant resistance near the $2,385 level.
If Ethereum fails to overcome these hurdles, it risks declining back towards major support zones around $2,300 and potentially lower to $2,250 or below. (Source)
