Ethereum Struggles to Break Resistance
The price of Ethereum is currently facing hurdles in its attempt to move above the $2,250 resistance zone. It is currently trading below $2,220 and the 100-hourly Simple Moving Average. However, there is a key bullish trend line forming with support near $2,170 on the hourly chart of ETH/USD.
Rejections at Resistance Levels
Ethereum has made several attempts to clear the $2,250 and $2,265 resistance levels but has been rejected each time. This failure to settle above the resistance is a concerning sign for ETH bulls. The recent low was formed near $2,155 and the price is now consolidating.
Support and Resistance Levels
Ethereum is currently trading below the 100-hourly Simple Moving Average and is facing resistance near the $2,210 level. The next key resistance levels are at $2,250 and $2,265. A clear move above these levels could push the price towards $2,320.
Potential for More Losses
If Ethereum fails to break the $2,250 resistance, it could start another decline. The initial support on the downside is near the $2,170 level and the trend line. The first key support could be at $2,120, and a break below that level might spark strong bearish moves.
Technical Indicators
The MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is now below the 50 level.
Hot Take: Ethereum Faces Uphill Battle as Resistance Holds Strong
Ethereum continues to struggle in its attempt to break above the $2,250 resistance zone. Despite multiple rejections, the price remains below the 100-hourly Simple Moving Average. If the resistance holds, Ethereum could face further losses and potentially revisit the $2,000 support level. However, a clear move above the resistance could lead to a rally towards the $2,320 level. Traders should closely monitor the key support and resistance levels for potential trading opportunities.
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