Ethereum Struggles to Break Resistance
Ethereum attempted to break above the $2,320 resistance but failed to gain enough strength to surpass the $2,350 level, similar to Bitcoin.
As a result, the price started a fresh decline and fell below $2,320 and $2,300. It retested the $2,240 support before consolidating losses.
Currently, Ethereum is trading below $2,300 and the 100-hourly Simple Moving Average. A key bearish trend line is forming with resistance near $2,300 on the hourly chart.
To initiate a new increase, Ethereum needs to stay above the $2,240 level.
Ethereum Price Outlook
If Ethereum manages to clear the $2,275 resistance, it could target the next major resistance at $2,300 or the trend line. Breaking above this level may lead to a rise towards $2,350 and even $2,400.
On the other hand, if Ethereum fails to surpass the $2,300 resistance, it could continue its downward movement. The initial support lies at $2,240 followed by the key support zone around $2,200.
Technical Indicators
The MACD for ETH/USD is losing momentum in the bearish zone while the RSI is now below 50.
Major support: $2,240
Major resistance: $2,300
Hot Take: Ethereum Faces Resistance as Price Consolidates
Ethereum’s attempt to break above resistance failed as it faced selling pressure near $2,350. The price has since declined and is now consolidating losses. To resume its upward movement, Ethereum needs to overcome the resistance near $2,300. On the downside, if it fails to hold above $2,240, further losses towards $2,200 and $2,120 could be seen. The MACD and RSI indicators suggest a bearish momentum for Ethereum in the short term. Traders should closely watch these key levels for potential breakouts or breakdowns.
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