Ethereum Price Struggles At Resistance, Opening Door To Renewed Losses
Analysis
Price Impact
HighEthereum price has struggled significantly, failing to hold crucial support levels like $2,500 and $2,300, entering a bearish zone. the ongoing resistance at $2,365 and the bearish trend line indicate a strong potential for further downside.
Trustworthiness
HighThe source explicitly states a strict editorial policy, industry expert creation, meticulous review, and adherence to the highest reporting standards, ensuring accuracy and impartiality.
Price Direction
BearishThe price has fallen below key support levels ($2,420, $2,300), trades below the 100-hourly simple moving average, and faces strong resistance at $2,350 and $2,365. technical indicators (macd gaining bearish momentum, rsi below 50) also support a bearish outlook, suggesting renewed losses if resistance isn't overcome.
Time Effect
ShortThe analysis focuses on hourly charts, immediate resistance/support levels ($2,365, $2,250, $2,220), and price movements expected 'in the near term' and 'coming days'.
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Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Ethereum price extended its decline below $2,420 and $2,300. ETH is now attempting to recover from $2,150 but faces many hurdles near $2,365. Ethereum failed to stay above $2,350 and started a fresh decline. The price is trading below $2,350 and the 100-hourly Simple Moving Average. There is a major bearish trend line forming with resistance at $2,350 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline if it stays below the $2,400 zone. Ethereum Price Eyes Another Decline Ethereum price failed to remain stable above $2,500 and extended losses, like Bitcoin . ETH price traded below $2,420 to enter a bearish zone. The bears even pushed the price below $2,200. A low was formed at $2,155 and the price is now attempting to recover. There was a move above $2,250. The price tested the 23.6% Fib retracement level of the recent decline from the $3,040 swing high to the $2,155 low. However, the bears are active near $2,365. There is also a major bearish trend line forming with resistance at $2,350 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,350 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,250, the price could attempt another increase. Immediate resistance is seen near the $2,350 level. The first key resistance is near the $2,365 level. The next major resistance is near the $2,450 level. A clear move above the $2,450 resistance might send the price toward the $2,600 resistance or the 50% Fib retracement level of the recent decline from the $3,040 swing high to the $2,155 low. Source: ETHUSD on TradingView.com An upside break above the $2,600 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,700 resistance zone or even $2,720 in the near term. Another Decline In ETH? If Ethereum fails to clear the $2,365 resistance, it could start a fresh decline. Initial support on the downside is near the $2,250 level. The first major support sits near the $2,220 zone. A clear move below the $2,220 support might push the price toward the $2,150 support. Any more losses might send the price toward the $2,120 region. The main support could be $2,000. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,220 Major Resistance Level – $2,365