Definitely on the moderate side, not easy. It's August so it very warm and there is very little shade, and the waterfall is bone dry. There are several moderately steep climbs and some rocky terrain where I needed to concentrate on my footfalls. The hardest part is definitely the first hill, it's the longest and steepest. If you can conquer that one, the rest will seem easy. There are enough flat spots between the climbs to catch your breath and get your heart rate back down a little. All in all a lovely hike and a great workout. I will absolutely be back in early spring, hoping to have an actual waterfall.