Ethereum Struggles to Break Resistance
Currently, Ethereum is trying to recover from the $2,320 zone, facing resistance as it trades below $2,480 and the 100-hourly Simple Moving Average. Despite this, there is a positive development as a key bearish trend line was breached with resistance at $2,430 on the ETH/USD hourly chart, sourced via Kraken.
- The digital asset is striving to surpass $2,500 in order to continue its upward trajectory in the short term.
Challenges Faced by Ethereum Price
Ethereum’s price suffered additional losses below the $2,400 mark, slipping further below $2,350 before experiencing support from the bulls. After hitting a low of $2,308, the price is making an effort to recover, similar to Bitcoin’s movement.
- Following a surge in price above the $2,350 and $2,400 resistance levels, the asset rose above the 50% Fib retracement level from the $2,565 peak to the $2,308 low.
- Moreover, a significant breakthrough occurred with the breach of a primary bearish trend line at $2,430 on the ETH/USD hourly chart.
- Nevertheless, Ethereum continues to face obstacles around $2,480, staying below the same and the 100-hourly Simple Moving Average.
- Encountering resistance near the $2,465 mark, the price is in close proximity to the 61.8% Fib retracement level from the recent dip between the $2,565 peak and $2,308 low.
Potential Decline for Ethereum
Failure to exceed the $2,465 resistance level could lead to another downward spiral for Ethereum. Initial support lies around $2,435, followed by a major support area near $2,400.
- A clear drop beneath the $2,400 support line may prompt a downward push towards $2,340, subsequently aiming for the $2,300 support barrier in the short term.
- Ultimately, the next significant support level settles at $2,250.
Key Technical Indicators
- Hourly MACD – Showing a decrease in bullish momentum for ETH/USD.
- Hourly RSI – Currently above the 50 mark for ETH/USD.
- Major Support Level – Situated at $2,400
- Major Resistance Level – Positioned at $2,500
The Word on the Street
Despite facing resistance in breaching the $2,480 threshold, Ethereum remains in the game, attempting to overcome barriers for a potential bullish run. Monitoring indicators closely will shed light on the digital asset’s trajectory. Stay tuned for further updates.
Sources: Kraken
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