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Ethereum price started a recovery wave from the $2,250 zone. ETH is now consolidating and may struggle to move higher if it remains below the $2,385 resistance area.
The price surpassed the 23.6% Fibonacci retracement level of the downward move from the $2,465 swing high to the $2,253 low. Bulls pushed the price toward $2,350, while a rising channel is forming on the hourly chart of ETH/USD, with resistance around $2,365.
ETH is currently trading above $2,320 and the 100-hourly Simple Moving Average. If buyers stay active above $2,300, the price could attempt another increase.
Immediate resistance is near $2,360, also aligned with the 50% Fibonacci retracement level of the move from $2,465 to $2,253. The first key resistance is around $2,385. The next major resistance is near $2,400.
If ETH breaks clearly above $2,400, it could move toward the $2,430 resistance. A further upside break above the $2,430 region could open the way for additional gains in the coming days, with potential targets of $2,500 and possibly $2,550.
If Ethereum fails to clear the $2,385 resistance, it could start a fresh decline. Initial support is near $2,300, followed by first major support around the $2,250 zone.
A clear move below $2,250 could push the price toward $2,200. Additional losses may extend toward the $2,150 region, with main support cited at $2,120.
Major Support Level: $2,300
Major Resistance Level: $2,385
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