Ethereum Struggles to Break Resistance
The price of Ethereum has been facing difficulty in starting a fresh increase above the $2,250 resistance level. Currently, the price is trading below $2,250 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there is a key declining channel forming with resistance near $2,225. If the price declines below the $2,120 support zone, it could continue to move down.
Ethereum Price Takes Hit
In an attempt to increase, Ethereum price reached levels above $2,200 but encountered resistance near $2,250. As a result, the price started to decline once again. The decline led to a move below the $2,200 support zone. Additionally, Ethereum is now trading below $2,250 and the 100-hourly Simple Moving Average. A key declining channel is also forming with resistance near $2,225 on the hourly chart of ETH/USD.
More Losses in ETH?
If Ethereum fails to clear the resistance at $2,225, it is likely to continue moving downwards. Initial support on the downside can be found near the $2,120 level or the 50% Fib retracement level of the upward move from the swing low of $1,980 to the high of $2,252. The next key support level is at $2,045 and the main support is currently near $2,000.
Technical Indicators
The MACD for ETH/USD is gaining momentum in the bearish zone according to hourly MACD indicators. The RSI for ETH/USD has fallen below 50 on hourly RSI indicators.
Hot Take: Ethereum Faces Resistance and Potential Downside
Despite attempting to break through resistance levels, Ethereum has struggled to make significant gains. With the price trading below key resistance levels and forming a declining channel, there is a possibility of further downside movement. If Ethereum fails to clear the resistance at $2,225, it could continue its decline towards support levels at $2,120 and $2,000. Traders should closely monitor these key levels and indicators for potential market movements.
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