Ethereum Struggles to Break Resistance Levels
Ethereum is facing difficulties in surpassing the $2,075 and $2,080 resistance levels. Currently, the price is trading below $2,050 and the 100-hourly Simple Moving Average. A key bullish trend line with support at $2,040 on the hourly chart of ETH/USD has been broken.
Ethereum Price Trims Gains
Despite attempts to clear the $2,075 resistance zone, Ethereum’s price was unable to do so. The bears took control, causing ETH to drop below $2,050. However, Bitcoin managed to remain above the $37,550 support zone.
ETH also traded below the 50% Fib retracement level of its upward move from the $1,986 swing low to the $2,076 high. Furthermore, there was a break below a key bullish trend line with support at $2,040 on the hourly chart of ETH/USD.
Ethereum is currently consolidating above the $2,020 support zone but is trading below both $2,050 and the 100-hourly Simple Moving Average. On the upside, it faces resistance near the $2,090 level and the 100-hourly Simple Moving Average.
More Losses in ETH?
If Ethereum fails to break through the $2,050 resistance level, it may continue its downward movement. Initial support lies around the $2,020 level, followed by a key support at $2,000.
A decline below $2,000 could lead to a steady decline in price. The major support level now stands at $1,930 with a potential move towards the $1,880 level in the near future.
Technical Indicators
The MACD for ETH/USD is currently losing momentum in the bearish zone, while the RSI for ETH/USD has fallen below the 50 level.
Major support level: $2,020
Major resistance level: $2,075
Hot Take: Ethereum’s Struggle to Break Resistance Levels
Ethereum continues to face challenges in surpassing key resistance levels. Despite attempts to break above $2,075, the price remains below this level and the 100-hourly Simple Moving Average. The bears have taken control, causing ETH to trim its gains and trade below $2,050.
If Ethereum fails to clear the $2,050 resistance, it may experience further losses. The immediate support lies at $2,020, followed by a crucial support level at $2,000. Technical indicators suggest a bearish momentum with the MACD losing steam and the RSI falling below 50.
Overall, Ethereum’s price movement in the near term will depend on its ability to break through key resistance levels and maintain bullish momentum.
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