The price of ETH is struggling to break above the $2,350 resistance level and is consolidating around $2,250.
If it manages to clear the resistance zone, it could start a decent increase. On the upside, the key resistance levels are $2,325, $2,350, and $2,380. However, if it fails to break the resistance, ETH might experience another decline.
At present, Ethereum is facing challenges in gaining traction for a move above the $2,350 zone. However, it is still trading above the $2,300 mark and the 100-hourly Simple Moving Average, indicating some positive momentum. On the hourly chart of ETH/USD, a short-term rising channel is forming with resistance near $2,350.
The immediate support levels are $2,280 and $2,240, with the main support at $2,120. In addition, technical indicators like MACD and RSI, which indicate bearish momentum and RSI above the 50 level, respectively.
Source: NEWSBTC
