Ethereum price is struggling to break the $2,300 resistance zone. ETH is showing some signs of weakness and may fall towards the $2,080 support.
- Ethereum is still struggling to break the resistance levels of $2,280 and $2,300.
- The price is trading below $2,260 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 $2,240.
- A stay below the $2,300 resistance zone could extend the downtrend.
Ethereum Price Faces Big Hurdle
Ethereum price, like Bitcoin, attempted a new rise above the $2,200 level. ETH broke above the $2,250 and $2,260 levels. However, the bears were actively trading near $2,300 and the 100-hourly simple moving average.
Highs were made near $2,289 and the price has recently reacted bearishly. There was a move below the $2,250 level. The price traded below the 23.6% Fib retracement level of the bullish wave from the $1,860 swing low to the $2,289 high.
Ethereum is currently trading below $2,260 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 $2,240.
In case of a fresh advance, the price may face resistance near the $2,250 level and trend line. The first major resistance is currently near $2,280. The next major hurdle is $2,300.
Source: ETHUSD on TradingView.com
A break above the $2,300 resistance could initiate a significant uptrend. The next major resistance is near $2,400. If bulls push Ethereum above $2,400, there could be a rally towards $2,500. More gains could lead the price towards the $2,620 area.
Will there be more losses in ETH?
If Ethereum fails to clear the $2,250 resistance, a new downtrend could begin. Initial support for the downside is near the $2,120 level.
The first major support could be the $2,080 zone or the 50% Fib retracement level of the upward wave from the $1,860 swing low to the $2,289 high. A break below and a close below $2,080 could trigger a strong bearish move. If indicated, Ether could test the $2,020 support. Any more losses could push the price down to the $1,960 level.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $2,080
Key Resistance Level – $2,280
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