Ethereum Struggles to Break $2,320 as Bears Hold Firm

Ethereum price is stuck in a tricky spot. After a brief recovery above $2,280, it now hovers below $2,300 and faces a wall of resistance near $2,320. The bulls tried to push higher, but the bears kept the price in check. Let me walk through what happened.

Recovery Attempt Falls Short

Ethereum held above the $2,220 support zone and tried to bounce back, much like Bitcoin did. The price built a base and climbed past the $2,265 level. It even cleared the 50% Fibonacci retracement of the recent drop from $2,382 to $2,233. That gave traders some hope. The bulls managed to push toward $2,320, but that’s where things stalled. The bears stepped in and shoved the price back below $2,300.

Right now, Ethereum trades under $2,300 and below the 100-hourly Simple Moving Average. That’s not a great sign for the bulls. However, there is a bullish trend line forming on the hourly chart, with support around $2,260. So maybe not all is lost.

Key Levels to Watch

If the bulls can hold above $2,260, they might try another run. The first real test is $2,300. Then $2,320 is the bigger hurdle, which also aligns with the 61.8% Fibonacci retracement level. Breaking above that could open the door to $2,380. A clean move past $2,380 might send Ethereum toward $2,420. And if the rally gains steam, we could see $2,500 or even $2,550 in the coming days. But that’s a big if.

On the flip side, if Ethereum fails at $2,320 again, a fresh decline could kick in. The initial support sits near $2,260, then $2,250. A break below $2,250 might drop the price to $2,220. Further losses could target $2,150, with a major floor around $2,120. So the risk of more downside is still there.

Technical Indicators Look Bearish

The hourly MACD is showing bearish momentum, which isn’t encouraging for buyers. The hourly RSI is also below the 50 level, suggesting selling pressure remains. The major support level to watch is $2,250, while the key resistance is $2,320.

Ethereum seems to be at a crossroads. The recovery hopes are fading, but the bulls aren’t entirely out of the game. It really depends on whether they can defend $2,260 and then break $2,320. If not, the path of least resistance might be lower. Keep an eye on those levels.

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