Ethereum price is struggling to rise back above USD 2,200 and USD 2,250. ETH could gain bearish momentum if there is a clear move below the USD 2,120 support.
- Ethereum is struggling to pace a move above the USD 2,150 resistance zone.
- The price is trading below $2,200 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance near $2,210 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further if it crosses the $2,210 resistance zone.
Ethereum price faces hurdles
Ethereum price tried to rise again above the USD 2,200 level. However, ETH failed to pace a move above the USD 2,250 resistance. A high was reached around $2,253 and the price started a new decline, just like Bitcoin.
There was a drop below $2,200. A low was formed near $2,136 and the price is now trying to make a new move higher. There was a move above the USD 2,180 level. The price tested the 50% Fib retracement level from the recent decline from the $2,253 swing high to the $2,136 low.
Ethereum is now trading below $2,200 and the 100-hourly Simple Moving Average. There is also a connecting bearish trendline forming with resistance around $2,210 on the hourly chart of ETH/USD.
On the upside, the price is facing resistance near the USD 2,205 level. It is close to the 61.8% Fib retracement level of the recent decline from the $2,253 swing high to the $2,136 low.
Source: ETHUSD on TradingView.com
The next major resistance is near the $2,220 level or trendline. The main resistance is still around $2,250. A clear move above the USD 2,250 zone could send the price towards the USD 2,320 level. The next resistance is at $2,350. Any further gains could trigger a wave towards the $2,420 level, above which Ethereum could rise and test the $2,550 zone.
Lose more in ETH?
If Ethereum fails to clear the USD 2,210 resistance, it could trigger another decline. The initial downside support is near the $2,165 level.
The first major support could be the $2,120 zone. A downside break and a close below $2,120 could trigger another big decline. In the said case, Ether could revisit the $2,000 support. Any further losses could send the price towards the USD 1,880 level in the coming days.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $2,120
Major resistance level – $2,250
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