ethereum price failed to recover further above the $2,300 resistance. eth is showing some bearish signs and could revisit the $2,080 support.
- ethereum is struggling to break above the $2,280 and $2,300 resistance levels.
- The price is trading below $2300 and the 100 hourly simple moving average.
- A major bearish trend line is forming with resistance near $2,280 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a fresh decline if it stays below the $2,300 resistance zone.
ethereum Price Faces Rejection
ethereum price started a recovery wave above the $2,120 level, like bitcoin. eth was able to overcome the $2,200 and $2,220 resistance levels. However, the bears were active near $2,300 and the 100 hourly simple moving average.
The price failed to overcome the 76.4% Fibonacci retracement level of the downward move from the high of $2,430 to the low of $1,860. It is now struggling to overcome the resistance levels of $2,280 and $2,300. There is also a major bearish trend line forming with resistance near $2,280 on the hourly chart of eth/USD.
ethereum is now below $2,300 and the 100 hourly simple moving average, but is still above the 23.6% Fibonacci retracement level of the upward move from the low of $1,860 to the high of $2,289.
On the upside, the price is facing resistance near the $2,280 level and the trend line. The first major resistance is now near $2,300. A close above the $2,300 resistance could start a decent upward move. The next key resistance is near $2,400.
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Fountain: ETHUSD on TradingView.com
If there is a clear move above $2,400, there could be a trend towards $2,500. The next resistance lies at $2,500, above which ethereum could rally and test the $2,620 area.
New drop in eth?
If ethereum fails to overcome the $2,300 resistance, it could start a new decline. Initial support on the downside is near the $2,185 level.
The first key support could be the $2,075 zone or the 50% Fibonacci retracement level of the upward move from the low of $1,860 to the high of $2,289. A break lower and a close below $2,075 could start another steady decline. In the given case, Ether could test the $2,000 support. Any further losses could send the price towards the $1,860 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $2,185
Main resistance level: $2,300
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