Ethereum price is still struggling to rise back above $2,250, while Bitcoin broke $43,500. ETH is showing some worrying signs and could take a major hit.
- Ethereum is struggling to pace a move above the USD 2,250 resistance zone.
- The price is trading below $2,220 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support near $2,170 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could fall heavily if it stays below $2,250 for a long time.
Ethereum price faces hurdles
Ethereum price made another attempt to break the USD 2,250 and USD 2,265 resistance levels. However, ETH failed to move above the USD 2,250 resistance. There are clearly more than two rejections noted around the USD 2,250 and USD 2,265 levels.
On the downside, Bitcoin gained pace for a move above the USD 43,500 resistance. This could be a warning sign for ETH bulls. The recent low was formed around $2,155 and the price is now consolidating. It is above the 23.6% Fib retracement level of the recent decline from the $2,265 swing high to the $2,155 low.
There is also a major bullish trendline forming with support near $2,170 on the hourly chart of ETH/USD. Ethereum is now trading below $2,220 and the 100-hourly Simple Moving Average.
On the upside, the price is facing resistance around the $2,210 level. It is close to the 50% Fib retracement level of the recent decline from the $2,265 swing high to the $2,155 low. The next major resistance is near the $2,250 level or $2,265. A clear move above the USD 2.2650 zone could send the price towards the USD 2.320 level.
Source: ETHUSD on TradingView.com
The next resistance is at $2,365. Any further gains could trigger a surge towards the $2,450 level, above which Ethereum could rise and test the $2,500 zone.
Lose more in ETH?
If Ethereum fails to clear the USD 2,250 resistance, it could trigger another decline. The initial downside support is near the $2,170 level and the trendline.
The first major support could be the $2,120 zone. A downside break and a close below $2,120 could lead to strong bearish moves. 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 sessions.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $2,170
Major resistance level – $2,250
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