Ethereum Recovers Losses, Testing Support at $2,000
Like Bitcoin, Ethereum experienced a sharp decline below the $2,300 pivot level. The price dropped below $2,220 and $2,200 before finding support at $2,000.
Now, Ethereum is attempting a recovery wave. It has moved above the resistance levels at $2,120 and $2,150. However, it is still trading below $2,320 and the 100-hourly Simple Moving Average.
Resistance near the $2,250 zone and a key bearish trend line near $2,240 could impede further gains for Ethereum.
Ethereum Price Outlook
If Ethereum manages to clear the resistance at $2,275, it could gain bullish momentum. This would open the door for a potential rally towards the $2,400 level and beyond. The next major resistance sits at $2,450.
On the other hand, if Ethereum fails to break above $2,275, it may face another decline. Initial support is at $2,155 followed by the key support level at $2,120. A break below this level could lead to a major decline with potential retesting of the $2,000 support zone or even dropping further to the $1,880 support area in the near term.
Technical Indicators
The MACD indicator for ETH/USD is currently in the bearish zone and losing momentum. The RSI indicator is below the 30 level.
Major support: $2,155
Major resistance: $2,275
Hot Take: Ethereum’s Recovery Faces Resistance as Bulls Emerge from Support
Ethereum’s price has seen a recovery after testing the $2,000 support zone. However, the price is still trading below key resistance levels and facing a bearish trend line. The next move for Ethereum will depend on whether it can clear the resistance at $2,275 and gain bullish momentum. If successful, Ethereum could rally towards higher resistance levels. On the other hand, failure to break above $2,275 may lead to more losses for Ethereum, with potential retesting of support levels. Traders are advised to monitor key support and resistance levels as well as technical indicators for further price action.
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