Ethereum Attempts to Break Resistance Levels
Ethereum is currently making a fresh attempt to clear the resistance levels at $2,100 and $2,120. The price is trading above $2,050 and the 100-hourly Simple Moving Average, indicating strength.
Break Above Contracting Triangle
A major contracting triangle with resistance near $2,055 was broken on the hourly chart of ETH/USD. This led to a climb in price above the 50% Fib retracement level of the downward move from the $2,126 swing high to the $1,986 low.
Resistance Levels and Potential Gains
The first key resistance for Ethereum is at $2,100, followed by $2,120. A clear move above these levels could push the price toward the $2,200 resistance zone. If further gains occur, the next target would be around $2,250 and potentially even $2,320.
Possible Decline if Resistance Fails
If Ethereum fails to clear the $2,100 resistance level, it may experience another decline. Initial support on the downside is near $2,055, with further support at $2,040. The main support is at $2,000 and a break below that could lead to a steady decline towards $1,920 or even $1,880 in the near term.
Technical Indicators
The MACD for ETH/USD is gaining momentum in the bullish zone. Additionally, the RSI for ETH/USD is now above the 50 level.
Hot Take: Ethereum’s Ongoing Battle with Resistance
Ethereum continues its battle with resistance levels as it tries to break through and gain bullish momentum. With the price trading above key levels and indicators showing strength, there is potential for further gains. However, if resistance proves too strong, a decline may occur. Traders should keep a close eye on the $2,100 level as a decisive move above or below it could determine Ethereum’s short-term trajectory.
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