Ethereum Struggles to Break $2,325 Resistance
Ethereum’s price made an attempt to surpass the $2,300 level but faced strong selling pressure near $2,325. As a result, the price started declining and is now trading below $2,300 and the 100-hourly Simple Moving Average.
The support level at $2,270 is currently being defended by the bulls, along with the 61.8% Fib retracement level. On the upside, there is a significant resistance near $2,300, marked by a bearish trend line on the hourly chart.
If Ethereum manages to clear the $2,325 resistance zone, it could experience a fresh increase and test the $2,380 resistance. A further push above $2,380 might lead to a rise towards $2,440 and potentially even $2,500.
Potential for More Losses
If Ethereum fails to break above the $2,325 resistance, it could trigger another decline. The initial support level on the downside is at $2,270, followed by the key support zone at $2,240. A move below $2,240 may lead to a further drop towards $2,200 and possibly even $2,080.
Technical indicators suggest that the MACD for ETH/USD is losing momentum in the bearish zone and that the RSI is now below 50.
Hot Take: Ethereum’s price struggles to break above the key resistance level of $2,325. If it fails to do so and continues its decline, it could face more losses with support levels at $2,270 and $2,240. However, if Ethereum manages to surpass the resistance and maintain its upward momentum, it could potentially reach new highs above $2,380 and even $2,500.
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