Ethereum Corrects Lower from Resistance
Ethereum has experienced a downside correction after failing to break above the $2,350 resistance level. The price dipped below $2,320 and $2,300, reaching a low of around $2,247 before bouncing back.
Currently, Ethereum is trading near $2,275 and is supported by the 100-hourly Simple Moving Average. However, there is a key bearish trend line forming with resistance near $2,285 on the hourly chart.
If Ethereum can close above the $2,285 resistance level, it may attempt a fresh increase towards $2,350. On the other hand, a close below $2,200 could lead to further losses for the cryptocurrency.
Potential for Major Increase or Continued Losses
A clear move above the $2,350 level could signal a major increase for Ethereum. The next resistance sits at $2,420 and further gains could push the price towards $2,500 and potentially even $2,550.
However, if Ethereum fails to break the $2,285 resistance level, it could continue to move down. Initial support lies at around $2,220 and a break below $2,200 might lead to further losses with potential support at $2,170 and even $2,120 in the future.
Technical Indicators
The MACD for ETH/USD is currently losing momentum in the bullish zone while the RSI has fallen below the 50 level.
Note: This article is not financial advice. Any action you take based on this information is strictly at your own risk.
By
By
By
