While Bitcoin has surpassed $43,500, Ethereum price is still struggling to climb back above $2,250. ETH is showing some worrying signs and could take a major hit.
- Ethereum is struggling to gain speed above the $2,250 resistance zone.
- The price is trading below $2,220 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trend line forming with support near $2,170.
- If it stays below $2,250 for long, this pair could fall significantly.
Ethereum Price Faces Hurdles
Ethereum price made another attempt to clear the $2,250 and $2,265 resistance levels. However, ETH failed to break above the $2,250 resistance level. Two more rejections were clearly seen near the $2,250 and $2,265 levels.
Bitcoin, on the other hand, sped past the $43,500 resistance line. This could be a warning sign for the ETH bullish trend. Recent lows were made near $2,155 and prices are currently consolidating. This is above the 23.6% Fib retracement level of the recent decline from the $2,265 swing high to the $2,155 low.
Additionally, on the hourly chart of ETH/USD, there is a major bullish trend line forming with support near $2,170. Ethereum is currently trading below $2,220 and the 100-hour simple moving average.
On the other hand, the price is finding resistance near $2,210. This is close to 50% of the Fib retracement level of the recent decline from the $2,265 swing high to the $2,155 low. The next major resistance is near the $2,250 level, i.e. $2,265. A clear break above the $2,2650 area could push the price towards the $2,320 level.
Source: ETHUSD on TradingView.com
The next resistance level is $2,365. More gains could start a wave towards the $2,450 level where Ethereum could test and test the $2,500 area.
Will there be more losses in ETH?
If Ethereum fails to clear the $2,250 resistance, another decline could begin. Initial support for the downside is near the $2,170 level and trendline.
The first major support could be the $2,120 zone. A break below and a close below $2,120 could trigger a strong bearish move. If specified, Ether could regain $2,000 support. Any more losses could push the price towards the $1,880 level in the next session.
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 – $2,170
Key Resistance Level – $2,250
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