Ethereum Struggles to Break Resistance
Ethereum’s price is currently facing resistance at the $2,265 level, hindering its upward movement. However, it remains above the $2,220 support zone and the 100-hourly Simple Moving Average, indicating bullish momentum.
Bulls Protect Support Level
Ethereum’s price managed to stay above the crucial $2,200 support zone, preventing a major downside break. The bulls successfully pushed the price above $2,220 and even reached the $2,250 level. Nevertheless, they are still facing resistance near $2,265.
Possible Upside Break
If Ethereum manages to close above the $2,265 and $2,320 levels, it could trigger a strong increase in price. The next significant resistance lies near $2,400, followed by potential gains towards $2,500 and even $2,550.
Potential Downside Scenario
However, if Ethereum fails to clear the $2,265 resistance level, it might experience another decline. In this case, initial support can be found at around $2,220 and the 100 hourly SMA. Further downside movement may lead to a break below the $2,180 zone and the trend line support.
Technical Indicators
The MACD indicator for ETH/USD is showing a loss of momentum in the bullish zone. The RSI indicator is currently above the 50 level.
Hot Take: Ethereum’s Battle with Resistance Continues
Ethereum is currently struggling to overcome its major resistance at $2,265. Despite remaining above key support levels and showing bullish signs such as trading above the 100-hourly Simple Moving Average, it has not yet managed to break through. The next few trading sessions will be crucial in determining whether Ethereum can achieve an upside break and potentially reach new highs. However, if the resistance remains strong, the price may experience a downside correction. Traders and investors should closely monitor the $2,265 level for further price action.
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