Ethereum price did not recover further above the USD 2,300 resistance. ETH is showing some bearish signs and could revisit the $2,080 support.
- Ethereum is struggling to break the USD 2,280 and USD 2,300 resistance levels.
- The price is trading below $2,300 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance around $2,280 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it remains below the $2,300 resistance zone.
Ethereum price is rejected
Ethereum price started a recovery wave above the USD 2,120 level, just like Bitcoin. ETH was able to break the USD 2,200 and USD 2,220 resistance levels. However, the bears were active around $2,300 and the 100-hourly Simple Moving Average.
The price failed to break the 76.4% Fib retracement level of the downward move from the $2,430 swing high to the $1,860 low. It is now struggling to break the USD 2,280 and USD 2,300 resistance levels. There is also a major bearish trendline forming with resistance around $2,280 on the hourly chart of ETH/USD.
Ethereum is now below $2,300 and the 100-hour Simple Moving Average, but is still above the 23.6% Fib retracement level of the upward move from the $1,860 swing low to the $2,289 high.
On the upside, the price is facing resistance near the $2,280 level and trendline. The first major resistance is now near $2,300. A close above the $2,300 resistance could trigger significant upside. The next major resistance is near USD 2,400.
Source: ETHUSD on TradingView.com
If there is a clear move above USD 2,400, there could be a drift towards USD 2,500. The next resistance is at $2,500, above which Ethereum could rise and test the $2,620 zone.
New drop in ETH?
If Ethereum fails to clear the USD 2,300 resistance, it could trigger another decline. The initial downside support is near the $2,185 level.
The first major support could be the $2,075 zone or the 50% Fib retracement level of the upward move from the $1,860 swing low to the $2,289 high. A downside break and a close below $2,075 could trigger another steady decline. In the said case, Ether could test the $2,000 support. Any further losses could send the price towards the USD 1,860 level.
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 – $2,185
Major resistance level – $2,300
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