Ethereum price is struggling to climb back above $2,200 and $2,250. ETH could gain bearish momentum if there is a clear move below the $2,120 support.
- Ethereum is struggling to gain speed above the $2,150 resistance zone.
- The price is trading below $2,200 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a bearish trend line tying with resistance near $2,210.
- A break above the $2,210 resistance zone could push the pair higher.
Ethereum Price Faces Hurdles
Ethereum price attempted a new rise above the $2,200 level. However, ETH failed to gain speed above the $2,250 resistance level. A high was made near $2,253 and the price began a new decline, similar to Bitcoin.
It fell below $2,200. A low was made around $2,136 and the price is currently attempting a new rise. There was a move above the $2,180 level. The price recently tested the 50% Fib retracement level of the decline from the $2,253 swing high to the $2,136 low.
Ethereum is currently trading below $2,200 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a bearish trend line connecting with resistance near $2,210.
Meanwhile, the price is finding resistance near $2,205. It is close to the 61.8% Fib retracement level of the recent decline from the $2,253 swing high to the $2,136 low.
Source: ETHUSD on TradingView.com
The next major resistance is near the $2,220 level or the trend line. The main resistance level is still close to $2,250. A clear break above the $2,250 area could push the price towards the $2,320 level. The next resistance level is $2,350. More gains could start a wave towards the $2,420 level where Ethereum could test and test the $2,550 area.
Will there be more losses in ETH?
If Ethereum fails to clear the $2,210 resistance, it could begin another downtrend. Initial support for the downside is near the $2,165 level.
The first major support could be the $2,120 zone. A break below and a close below $2,120 could start another big decline. If specified, Ether could regain $2,000 support. If more losses occur, the price could rise to the $1,880 level in the coming days.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $2,120
Key Resistance Level – $2,250
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