ethereum price is still struggling to climb back above $2,250, while bitcoin surpassed $43,500. eth is showing some worrying signs and could take a big hit.
- ethereum is struggling to gain pace to break above the $2,250 resistance zone.
- The price is trading below $2220 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support near $2,170 on the hourly chart of eth/USD (data via Kraken).
- The pair could fall sharply if it stays below $2250 for a long time.
ethereum price faces obstacles
ethereum price made another attempt to break above the $2,250 and $2,265 resistance levels. However, eth failed to overcome the $2,250 resistance. Clearly more than two rejections have been observed near the $2,250 and $2,265 levels.
On the other hand, bitcoin gained pace to surpass the $43,500 resistance. This could be a warning sign for eth bulls. The recent low was formed near $2,155 and the price is now consolidating. It is above the 23.6% Fib retracement level of the recent decline from the high of $2,265 to the low of $2,155.
There is also a key bullish trend line forming with support near $2,170 on the hourly chart of eth/USD. ethereum is now trading below $2,220 and the 100 hourly simple moving average.
On the upside, the price is facing resistance near the $2,210 level. It is close to the 50% Fibonacci retracement level of the recent drop from the high of $2,265 to the low of $2,155. The next key resistance is near the $2,250 or $2,265 level. A clear move above the $2.2650 zone could send the price towards the $2.320 level.
Fountain: ETHUSD on TradingView.com
The next resistance is located at $2,365. Any further gains could start a wave towards the $2,450 level, above which ethereum could rally and test the $2,500 zone.
More losses on eth?
If ethereum fails to overcome the $2,250 resistance, it could start another decline. Initial support on the downside is near the $2,170 level and the trend line.
The first key support could be the $2,120 area. A break down and close below $2,120 could trigger strong bearish moves. 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 sessions.
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: $2,170
Main Resistance Level: $2250
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