📉 Ethereum Price Close Below $2,120 Could Spark Larger Degree Decline

Ethereum, the pioneer of smart contracts, finds itself at a critical juncture as it grapples with key resistance levels. Here's the latest analysis:

Struggling Resistance and Bearish Signals

Ethereum is facing a significant hurdle in reclaiming levels above $2,200 and $2,250, showcasing its current struggle.

The price action is below $2,200 and the crucial 100-hourly Simple Moving Average (SMA), indicating a bearish sentiment.

A bearish trend line is forming, adding resistance around $2,210 on the hourly ETH/USD chart.

Recent Price Movements

Despite attempting a fresh increase beyond $2,200, Ethereum encountered resistance, leading to a decline.

After hitting a high near $2,253, a retracement followed, bringing the price below $2,200.Currently, Ethereum is trading beneath $2,200 and the 100-hourly SMA, posing a challenge for the bulls.

Critical Levels to Watch

Immediate resistance is evident around $2,205, close to the 61.8% Fib retracement level.

The key resistance lies near $2,250, and a decisive move above this level could propel Ethereum towards $2,320 and $2,350.Conversely, failure to breach the $2,210 resistance might trigger another downturn.

Potential Downside Scenarios

Ethereum's inability to surpass the $2,210 resistance might initiate another decline.Initial support is around $2,165, with a more significant support zone near $2,120.A breach and close below $2,120 could mark the beginning of a substantial decline, possibly revisiting the $2,000 support. Further losses might extend to $1,880.

Technical Indicators

The hourly MACD for ETH/USD is showing bullish momentum.

The hourly RSI is above the 50 level, indicating a balanced but cautious market sentiment.

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