Ethereum Price Loses Steam – This Resistance Could Spark Another Decline


Ethereum price jumped above the $2,280 resistance zone. ETH could gain bullish momentum if it clears the $2,330 resistance zone.

  • Ethereum started a decent increase above the $2,250 resistance zone.
  • The price is trading above $2,280 and the 100-hourly Simple Moving Average.
  • There was a break above a connecting bearish trend line with resistance near $2,260 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might struggle to clear the $2,325 resistance zone and might correct lower.

Ethereum Price Revisits Resistance

Ethereum price started a decent increase above the $2,250 resistance zone. ETH cleared the $2,280 resistance zone like Bitcoin to start a steady recovery wave.

The bulls even pushed the price above the $2,300 resistance. There was a break above a connecting bearish trend line with resistance near $2,260 on the hourly chart of ETH/USD. A new weekly high was formed near $2,327 and the price is now consolidating gains.

It is now trading above the 23.6% Fib retracement level of the upward move from the $2,234 swing low to the $2,327 high. Ethereum is also trading above $2,280 and the 100-hourly Simple Moving Average.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, the first major resistance is near the $2,330 level. The next major resistance is near $2,350, above which the price might rise and test the $2,420 resistance. If the bulls push the price above the $2,420 resistance, they could aim for $2,450. A clear move above the $2,450 level might start a decent increase. In the stated case, the price could rise toward the $2,550 level.

Another Bearish Wave in ETH?

If Ethereum fails to clear the $2,330 resistance, it could start another decline. Initial support on the downside is near the $2,300 level.

The next key support could be the $2,280 zone or the 50% Fib retracement level of the upward move from the $2,234 swing low to the $2,327 high. A daily close below the $2,280 support might start another major decline. In the stated case, Ether could test the $2,200 support. Any more losses might send the price toward the $2,120 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,280

Major Resistance Level – $2,330

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



Source link

Leave a Comment