- Ethereum’s price is correcting below the $2,350 level, facing resistance near $2,300.
- The potential for a fresh increase exists if Ethereum closes above the $2,350 resistance, possibly targeting the $2,400 and $2,440 levels.
- Failure to surpass the $2,300 resistance might lead Ethereum to further downward movement.
Ethereum (ETH) has witnessed a corrective phase, slipping below the crucial $2,350 level against the US dollar. The cryptocurrency encountered hurdles near $2,300, marked by the emergence of a notable bearish trend line on its hourly chart.
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At present, Ethereum trades below $2,320 and the 100-hourly Simple Moving Average, indicating a short-term bearish sentiment. The failure to breach the resistance at $2,300 has intensified the selling pressure, resulting in a consolidation phase after dipping to approximately $2,258.
Analysts and traders are closely monitoring ETH’s movement, speculating that a potential bullish reversal might ensue if Ethereum manages to secure a decisive close above the $2,350 resistance zone. Such a move could pave the way for an upward trajectory, with immediate targets lying at $2,400 and $2,440 levels.
Conversely, a sustained inability to surpass the $2,300 resistance might catalyze further downward momentum for Ethereum. Initial support is anticipated near $2,250, but the critical support level rests at $2,240. Should the price breach this crucial level, Ethereum could experience intensified selling pressure, possibly testing the $2,200 mark.
Technical indicators corroborate this cautious outlook, with the hourly MACD indicating a loss in bearish momentum for ETH/USD. Similarly, the hourly Relative Strength Index (RSI) stands below the 50 level, underscoring the prevailing bearish sentiment among traders and investors.
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