Ethereum Struggles to Break Resistance
Ethereum is facing hurdles as it tries to surpass the $2,150 resistance zone. Currently, the price is trading below $2,200 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a bearish trend line is forming with resistance near $2,210.
Ethereum Price Faces Hurdles
Despite attempting a fresh increase above $2,200, Ethereum failed to gain momentum and move past the $2,250 resistance. The price experienced a decline and dropped below $2,200. However, it is now attempting another increase and has moved above the $2,180 level.
Currently, Ethereum is trading below $2,200 and the 100-hourly Simple Moving Average. A bearish trend line is also forming with resistance near $2,210 on the hourly chart of ETH/USD.
Resistance Levels for Ethereum
The price of Ethereum is currently facing resistance near the $2,205 level. It is close to the 61.8% Fibonacci retracement level of the recent decline from the $2,253 swing high to the $2,136 low.
The next key resistance levels are at $2,220 and $2,250. A clear move above these levels could lead to further gains and push the price towards the $2,320 and $2,350 levels. If Ethereum continues to rally, it might even test the $2,420 and $2,550 zones.
Potential Losses in ETH
If Ethereum fails to break the $2,210 resistance level, it could experience another decline. The initial support on the downside is near the $2,165 level, followed by the $2,120 zone.
A break below $2,120 might trigger a major decline, with the possibility of revisiting the $2,000 support. Further losses could lead to a drop towards the $1,880 level in the coming days.
Technical Indicators
The MACD for ETH/USD is showing bullish momentum in the hourly chart, while the RSI is above the 50 level.
Source: ETHUSD on TradingView.com
Hot Take: Ethereum Faces Resistance at $2,210
Ethereum is currently struggling to break above the $2,210 resistance level. The price has faced hurdles and is trading below key moving averages. If it fails to surpass this resistance, Ethereum may experience further losses and drop towards the $2,000 support level. However, if it manages to clear this hurdle and gain momentum, we could see a rally towards higher levels such as $2,320 and $2,550. Traders should keep an eye on these resistance and support levels to make informed decisions.
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