Ethereum price failed to recover above the $2,300 resistance level. ETH is showing some bearish signs and may revisit the $2,080 support.
- Ethereum is struggling to break through the $2,280 and $2,300 resistance levels.
- The price is trading below $2,300 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming with resistance near $2,280.
- A stay below the $2,300 resistance could start a new downtrend.
Ethereum price rejected
Ethereum price, like Bitcoin, began a recovery above the $2,120 level. ETH was able to clear the $2,200 and $2,220 resistance levels. However, the bears were actively trading near $2,300 and the 100-hourly simple moving average.
Price failed to clear the 76.4% Fib retracement level of the downward move from the $2,430 swing high to the $1,860 low. It is currently struggling to break the resistance levels of $2,280 and $2,300. Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $2,280.
Ethereum is currently below $2,300 and the 100-hourly simple moving average, but still above the 23.6% Fib retracement level rising from the $1,860 swing low to the $2,289 high.
On the other hand, the price is finding resistance near the $2,280 level and the trend line. The first major resistance is currently near $2,300. A break above the $2,300 resistance could initiate a significant uptrend. The next major resistance is near $2,400.
Source: ETHUSD on TradingView.com
A clear move above $2,400 could lead to a decline towards $2,500. The next resistance level is $2,500, above which Ethereum could test the $2,620 area.
A new downtrend for ETH?
If Ethereum fails to clear the $2,300 resistance, it could begin a new downtrend. Initial support for the downside is near the $2,185 level.
The first major support could be the $2,075 zone or the 50% Fib retracement level of the rise from the $1,860 swing low to the $2,289 high. A break below and a close below $2,075 could begin another steady decline. If stated, Ether may test $2,000 support. Any more losses could push the price down to the $1,860 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $2,185
Key Resistance Level – $2,300
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