Ethereum Struggles to Break Resistance Levels
Ethereum is facing difficulties in surpassing the $2,280 and $2,300 resistance levels. The cryptocurrency is currently trading below $2,260 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a bearish trend line is forming with resistance near $2,240.
Ethereum Price Faces Major Hurdle
Despite attempting a fresh increase above $2,200, Ethereum encountered resistance near $2,300 and the 100-hourly Simple Moving Average. The price dropped below $2,250 and the 23.6% Fib retracement level of the upward wave from $1,860 to $2,289.
Ethereum is currently trading below $2,260 and the 100-hourly Simple Moving Average. A bearish trend line with resistance near $2,240 is also forming on the chart.
More Losses in ETH?
If Ethereum fails to break the $2,250 resistance level, it could experience a fresh decline. Initial support lies around $2,120. The first major support level is at $2,080 or the 50% Fib retracement level of the upward wave from $1,860 to $2,289. A close below $2,080 might result in strong bearish moves and a test of the $2,020 support level.
Technical Indicators
The MACD for ETH/USD is showing increasing momentum in the bearish zone on the hourly chart. The RSI for ETH/USD has fallen below the 50 level.
Hot Take: Ethereum’s Uphill Battle Continues
Ethereum is struggling to break through key resistance levels and faces a major hurdle at $2,300. The failure to surpass this level could lead to further losses, with initial support at $2,120. Technical indicators suggest a bearish trend for Ethereum in the short term. It remains to be seen whether the cryptocurrency can gain momentum and make a significant upward move. Traders and investors should closely monitor the price action around the $2,250 and $2,300 levels for potential breakout opportunities.
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