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 pace to break above the $2,150 resistance zone.
- The price is trading below $2200 and the 100 hourly simple moving average.
- A connecting bearish trend line is forming with resistance near $2,210 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could rise further if it breaks the $2,210 resistance zone.
ethereum price faces obstacles
ethereum price attempted a fresh rise above the $2,200 level. However, eth failed to gain pace to overcome the $2,250 resistance. A high was formed near $2,253 and the price started a new decline, like bitcoin.
There was a drop below $2,200. A low was formed near $2,136 and the price is now attempting a fresh rise. There was a move above the $2,180 level. The price tested the 50% Fibonacci retracement level of the recent decline from the high of $2,253 to the low of $2,136.
ethereum is now trading below $2,200 and the 100 hourly simple moving average. There is also a connecting bearish trend line forming with resistance near $2,210 on the hourly chart of eth/USD.
On the upside, the price is facing resistance near the $2,205 level. It is close to the 61.8% Fibonacci retracement level of the recent decline from the high of $2,253 to the low of $2,136.
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Fountain: ETHUSD on TradingView.com
The next key resistance is near the $2,220 level or the trend line. The main resistance is still near $2,250. A clear move above the $2,250 zone could send the price towards the $2,320 level. The next resistance lies at $2,350. Any further gains could start a wave towards the $2,420 level, above which ethereum could rally and test the $2,550 zone.
More losses on eth?
If ethereum fails to overcome the $2,210 resistance, it could start another decline. Initial support on the downside is near the $2,165 level.
The first key support could be the $2,120 area. A break lower and close below $2,120 could start another major decline. In the given case, Ether could revisit the $2,000 support. Any further losses could send the price towards the $1,880 level in the coming days.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $2,120
Main Resistance Level: $2250
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