Ethereum price is struggling to break the USD 2,300 resistance zone. ETH is showing some bearish signs and could drop towards the $2,080 support.
- Ethereum is still struggling to break the USD 2,280 and USD 2,300 resistance levels.
- The price is trading below $2,260 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance near $2,240 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue its decline if it remains below the $2,300 resistance zone.
Ethereum price faces a major hurdle
Ethereum price tried to make a new rise above the USD 2,200 level, just like Bitcoin. ETH climbed above the USD 2,250 and USD 2,260 levels. However, the bears were active around $2,300 and the 100-hourly Simple Moving Average.
A high was formed near USD 2,289 and the price recently saw a bearish reaction. There was a move below the USD 2,250 level. The price traded below the 23.6% Fib retracement level of the upward wave from the $1,860 swing low to the $2,289 high.
Ethereum is now trading below $2,260 and the 100-hourly Simple Moving Average. There is also a connecting bearish trendline forming with resistance around $2,240 on the hourly chart of ETH/USD.
If a new increase occurs, the price may encounter resistance near the $2,250 level and the trendline. The first major resistance is now near $2,280. The next big hurdle is at $2,300.
Source: ETHUSD on TradingView.com
A close above the $2,300 resistance could trigger significant upside. The next major resistance is near USD 2,400. If the bulls push Ethereum above $2,400, a rally towards $2,500 could take place. Any further gains could send the price towards the $2,620 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 $2,120 level.
The first major support could be the $2,080 zone or the 50% Fib retracement level of the upward wave from the $1,860 swing low to the $2,289 high. A downside break and a close below $2,080 could lead to strong bearish moves. In the said case, Ether could test the USD 2,020 support. Any further losses could send the price towards the USD 1,960 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $2,080
Major resistance level – $2,280
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