Ethereum Faces Resistance and Consolidates
Ethereum is currently consolidating and encountering resistance near the $2,060 area. It is trading below both the $2,080 level and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there is a significant bearish trend line forming with resistance near $2,065. If the price breaks below the $2,035 support zone, it may continue to move downwards.
Ethereum Price Drops Again
Despite attempting a fresh increase above the $2,080 resistance zone, Ethereum faced strong selling pressure from bears above $2,120. The price even spiked above $2,120 before starting a decline. It dropped below $2,080 and formed a low near $2,037. Currently, the price is consolidating its losses and struggling to surpass the 23.6% Fib retracement level. Additionally, it is trading below the 100-hourly Simple Moving Average and facing resistance near the $2,065 zone.
More Losses in ETH?
If Ethereum fails to break through the $2,080 resistance level, it could initiate another downward movement. The initial support on the downside is around $2,035, followed by a key support level at $2,000. A break below $2,000 might lead to further losses towards the $1,930 support level. The major support level currently stands at $1,900.
Technical Indicators
The MACD for ETH/USD on the hourly chart indicates a loss of bullish momentum. The RSI for ETH/USD has dropped below the 50 level.
Hot Take: Ethereum Faces Resistance Near Key Levels
Ethereum is currently facing resistance near key levels, including $2,080 and $2,065. The failure to surpass these levels could result in further losses for ETH. On the other hand, a successful break above $2,100 could lead to a potential rally towards the $2,120 resistance zone. Traders should closely monitor these levels to determine the next direction for Ethereum.
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