Ethereum Price Capped at $2,400, Momentum Fails to Push Higher

TL;DR

Ethereum price is currently capped at $2,400 and has started a downside correction, trading above $2,300. The price may aim for gains if it clears the $2,360 resistance level.

Key points

Ethereum price started a downside correction below $2,350
Price is trading above $2,300 and the 100-hourly Simple Moving Average
Bearish trend line forming with resistance at $2,360

Ethereum price started a downside correction after it failed near $2,400. ETH is now consolidating and might aim for more gains if it clears $2,360.

Ethereum started a downside correction below the $2,350 zone.
The price is trading above $2,300 and the 100-hourly Simple Moving Average.
There is a bearish trend line forming with resistance at $2,360 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up if it stays above the $2,295 zone.

Ethereum Price Aims Key Upside Break

Ethereum price managed to stay above the $2,250 support and started a fresh increase, like Bitcoin. ETH price gained pace for a move above $2,320 and $2,350.

However, the bears were active near $2,400. The last swing high was formed at $2,417 before there was a downside correction. The price dipped below the $2,320 level. The price even tested the 50% Fib retracement level of the upward move from the $2,180 swing low to the $2,417 high.

Ethereum price is now trading above $2,300 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,295, the price could attempt another increase.

Source: ETHUSD on TradingView.com

Immediate resistance is seen near the $2,360 level. There is also a bearish trend line forming with resistance at $2,360 on the hourly chart of ETH/USD. The first key resistance is near the $2,380 level. The next major resistance is near the $2,420 level. A clear move above the $2,420 resistance might send the price toward the $2,450 resistance. An upside break above the $2,450 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,500 resistance zone or even $2,550 in the near term.