Ethereum’s Major Decline
Ethereum has experienced a significant decline, breaking below the $2,200 support level and currently trading below $2,300 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a bearish trend line is forming with resistance near $2,300.
Ethereum Price Nosedives
Similar to Bitcoin, Ethereum struggled to surpass the $2,400 resistance zone and began a major decline. It broke the $2,200 support zone and reached a new yearly low near $1,860 before starting to recover. The price managed to climb above the $2,000 and $2,080 resistance levels but is still below $2,300 and the 100-hourly Simple Moving Average.
Potential for Further Upside
The price of Ethereum faces resistance around the $2,290 level and there is a bearish trend line forming with resistance near $2,300 on the hourly chart. If there is a clear move above $2,290 and $2,300, the price could continue to rise. A close above the $2,300 resistance may even push the price towards $2,400 and potentially up to $2,500.
Fresh Decline in ETH?
If Ethereum fails to overcome the $2,300 resistance level, it could experience a fresh decline. The initial support lies around $2,200 followed by the key support at $2,080. A break below this level may lead to further losses and a potential test of the $2,000 support or even lower towards the $1,860 level.
Technical Indicators
The MACD for ETH/USD is showing signs of regaining momentum in the bullish zone, while the RSI is now above the 50 level.
Hot Take: Ethereum’s Price Struggles as Bearish Trend Continues
Ethereum’s price has taken a hit, plunging below key support levels. Despite some recovery, it remains below resistance at $2,300 and the downward trend continues. A break above this resistance could provide some relief and potentially push the price towards $2,400 and beyond. However, if Ethereum fails to overcome this obstacle, a fresh decline may be on the horizon with support levels at $2,200 and $2,080. Traders are advised to closely monitor these levels for potential trading opportunities.
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