Ethereum Holds Gains Above $2,250 Support Zone
Ethereum has experienced a downward correction from the $2,350 level, falling below $2,320 and $2,300. However, it is now attempting to increase again and has climbed above the $2,265 level.
Currently trading below $2,280 and the 100-hourly Simple Moving Average, Ethereum is facing resistance near the $2,290 level. A bearish trend line is forming with resistance near $2,290 on the hourly chart of ETH/USD.
If Ethereum fails to break above the $2,290 resistance level, it could start a fresh decline and revisit the $2,220 support zone. A break below this support could lead to further bearish moves.
Resistance at $2,350 Could Trigger Major Increase
The main resistance for Ethereum is at $2,350. A clear move above this zone could initiate a significant increase in price. The next resistance level is at $2,420, followed by a potential rally towards the $2,550 zone.
Possible Further Losses if Resistance is Not Cleared
If Ethereum fails to clear the resistance at $2,290, it may experience further losses. The initial support on the downside is near the $2,250 level. The first key support lies at $2,220. A break below this support could lead to a revisit of the $2,120 support level.
Technical Indicators
The MACD for ETH/USD is losing momentum in the bullish zone according to the hourly MACD indicator. The RSI for ETH/USD is now below the 50 level according to the hourly RSI indicator.
Hot Take: Ethereum’s Price Consolidates, Faces Resistance at $2,290
Ethereum’s price is currently consolidating above the $2,250 support zone. It is facing resistance near $2,290 and a bearish trend line is forming on the hourly chart. A break above this resistance could lead to a potential rally towards $2,350 and beyond. However, if Ethereum fails to clear the resistance, it may experience further losses and revisit the $2,220 support level. Technical indicators suggest a possible loss of bullish momentum. Overall, Ethereum’s price movement in the coming days will be crucial in determining its future direction.
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