Ethereum Struggles to Break Resistance
The price of Ethereum is currently facing hurdles in its attempt to move above the $2,250 resistance zone. It is currently trading below $2,220 and the 100-hourly Simple Moving Average. However, there is a key bullish trend line forming with support near $2,170 on the hourly chart of ETH/USD.
Rejections at Resistance Levels
Ethereum has made several attempts to clear the $2,250 and $2,265 resistance levels but has been rejected each time. This failure to settle above the resistance is a concerning sign for ETH bulls. The recent low was formed near $2,155 and the price is now consolidating.
Support and Resistance Levels
Ethereum is currently trading below the 100-hourly Simple Moving Average and is facing resistance near the $2,210 level. The next key resistance levels are at $2,250 and $2,265. A clear move above these levels could push the price towards $2,320.
Potential for More Losses
If Ethereum fails to break the $2,250 resistance, it could start another decline. The initial support on the downside is near the $2,170 level and the trend line. The first key support could be at $2,120, and a break below that level might spark strong bearish moves.
Technical Indicators
The MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is now below the 50 level.
Hot Take: Ethereum Faces Uphill Battle as Resistance Holds Strong
Ethereum continues to struggle in its attempt to break above the $2,250 resistance zone. Despite multiple rejections, the price remains below the 100-hourly Simple Moving Average. If the resistance holds, Ethereum could face further losses and potentially revisit the $2,000 support level. However, a clear move above the resistance could lead to a rally towards the $2,320 level. Traders should closely monitor the key support and resistance levels for potential trading opportunities.
Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding.