Ethereum Faces Fresh Decline from Resistance
Ethereum has started a new decline after failing to break above the $2,330 resistance level. The price is currently trading below $2,220 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there is a bearish trend line forming with resistance near $2,210.
Price Drops Below Key Levels
Ethereum’s price dropped below the $2,250 and $2,220 levels. It even fell below the 50% Fib retracement level of the previous increase from the $1,980 swing low to the $2,330 high. The bears are now in control below the $2,180 support zone.
Possible Scenarios for Ethereum
If there is a fresh increase in Ethereum’s price, it could face resistance near the $2,200 zone. The next key resistance is at $2,210 and the bearish trend line. The main resistance lies at $2,250. However, if there is a break below the $2,135 support level, the pair could accelerate its decline.
Hot Take: Ethereum’s Price Outlook
Ethereum’s price failed to gain momentum and started a fresh decline from resistance. The current bearish trend suggests that further losses may be on the horizon if key support levels are broken. Traders should keep an eye on resistance levels around $2,200 and $2,210 as potential areas of reversal or continuation of the downtrend.
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