🔥🔥🔥 #EthereumPrice Recovery May Stall Near 100-SMA: Is a Drop Coming?
Ethereum Price Attempts Recovery Above $2,280 but Faces Key Resistance
- Ethereum ($ETH ) is trying to recover from the $2,150 support zone, but it must clear the critical $2,360 resistance to continue its upward movement in the near term.
1. Ethereum is rebounding from the $2,150 zone.
2. The price is currently trading below $2,320 and the 100-hourly Simple Moving Average.
3. A key bearish trend line was broken, with resistance at $2,280 on the hourly chart of ETH/USD (data feed via Kraken).
4. ETH needs to surpass $2,360 to continue its upward trajectory.
Ethereum Faces Resistance
- Ethereum recently attempted a recovery, moving above the $2,400 level, but it struggled to break through the $2,450 resistance. This resulted in a fresh decline below $2,320, mirroring Bitcoin's movement.
- ETH found support at $2,150 and is now trying to regain strength. The price has moved past the $2,220 and $2,280 resistance levels and climbed above the 23.6% Fibonacci retracement of the recent downward move from the $2,488 swing high to the $2,150 low.
- Ethereum broke a bearish trend line at $2,280 but remains below $2,320 and the 100-hour SMA. Resistance lies at $2,320 and $2,360 (61.8% Fibonacci). A break above could push ETH to $2,420, with further resistance at $2,480 and $2,550.
Potential Downside for ETH?
- If Ethereum fails to break above the $2,360 resistance, it could face another decline. Initial support is near $2,250, with major support around $2,180. A move below $2,180 could push ETH back to the $2,150 level, with further losses potentially driving the price down to $2,050. The next critical support sits at $2,000.
Technical Indicators:
- Hourly MACD: The #MACD for ETH/USD is losing momentum in the bearish zone.
- Hourly RSI: The #RSI for ETH/USD is now above 50, indicating some recovery.
- Major Support Levels: $2,180, $2,150
- Major Resistance Levels: $2,360, $2,480
Source - newsbtc.com
