Ethereum price is facing hurdles in its attempt to climb back above the $2,200 and $2,250 levels. The failure to overcome these key resistance zones could potentially result in bearish momentum if the price drops below the $2,120 support level.
The price of Ethereum is currently trading below $2,200 and the 100-hourly Simple Moving Average, indicating a lack of bullish momentum. On the hourly chart of ETH/USD, there is a bearish trend line forming with resistance near $2,210. This trend line could further impede the price from surging higher.
In a recent attempt to rise, Ethereum price tested the $2,200 level but failed to gain enough momentum to surpass the $2,250 resistance. As a result, the price started a fresh decline, similar to Bitcoin. The decline saw the price drop below $2,200, reaching a low near $2,136.
Currently, Ethereum is trying to regain ground and is trading below $2,200 and the 100-hourly Simple Moving Average. The price has also tested the 50% Fib retracement level of the recent decline. However, there is strong resistance near the $2,205 level, which is close to the 61.8% Fib retracement level.
For Ethereum to experience a significant upward movement, it needs to clear the $2,210 resistance level, which is in line with the connecting bearish trend line. The main resistance level still remains near $2,250. If the price manages to surpass this level, it could potentially reach the $2,320 and $2,350 levels.
If Ethereum fails to overcome the $2,210 resistance, it could face another decline. The first key support level on the downside is near $2,165, followed by the $2,120 zone. A break below $2,120 might result in a major decline, leading the price of Ethereum to revisit the $2,000 support level. Subsequent losses could drive the price further down to the $1,880 level in the coming days.
The MACD for ETH/USD on the hourly chart indicates gaining momentum in the bullish zone. Additionally, the RSI for ETH/USD is above the 50 level, suggesting a positive outlook for Ethereum price.
This article is provided for educational purposes only and does not represent the opinions of NewsBTC on whether to buy, sell, or hold any investments. It is crucial to conduct your own research before making any investment decisions. Investing carries inherent risks, and the information provided on this website should be used at your own risk.
Leave a Reply