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Home»Analysis»Ethereum price peaks at 100 SMA, why ETH could struggle in the near term
Analysis

Ethereum price peaks at 100 SMA, why ETH could struggle in the near term

2024-01-05No Comments3 Mins Read
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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.

See also  XRP Price Eyes $0.60: Could This Pick Up the Pace?

Ethereum price

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

Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.

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ETH Ethereum peaks Price SMA Struggle term
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