Ethereum Price Recovery Runs Into A Wall, Decline Risk Returns
Analysis
Price Impact
HighEthereum price failed to sustain its recovery, dropping below $2,220 and $2,200. it faces strong resistance at $2,250 and $2,265, trading below the 100-hourly simple moving average. a failure to clear these levels could lead to a fresh decline towards $2,000.
Trustworthiness
HighThe source adheres to a strict editorial policy focused on accuracy, relevance, and impartiality. content is created by industry experts and meticulously reviewed, upholding high standards in reporting.
Price Direction
BearishThe price is showing clear signs of weakness, trading below key resistance levels and the 100-hourly sma. a major bearish trend line is forming, and technical indicators like macd and rsi are in bearish zones, indicating potential for further downside if current resistance is not broken.
Time Effect
ShortThe analysis focuses on hourly charts, immediate resistance/support levels ($2,175, $2,265), and 'near term' price movements, suggesting an impact over the coming hours to 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 $2,220 and $2,200. ETH is now attempting to recover from $2,000 but faces many hurdles near $2,250. Ethereum failed to stay above $2,300 and started a fresh decline. The price is trading below $2,265 and the 100-hourly Simple Moving Average. There is a major bearish trend line forming with resistance at $2,250 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline if it stays below the $2,350 zone. Ethereum Price Faces Resistance Ethereum price failed to remain stable above $2,320 and extended losses, like Bitcoin . ETH price traded below $2,220 to enter a bearish zone. The bears even pushed the price below $2,200. A low was formed at $2,107 and the price is now attempting to recover. There was a move above $2,220. The price tested the 23.6% Fib retracement level of the downward move from the $3,040 swing high to the $2,107 low. However, the bears are active near $2,265. There is also a major bearish trend line forming with resistance at $2,250 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,265 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,175, the price could attempt another increase. Immediate resistance is seen near the $2,250 level. The first key resistance is near the $2,265 level. The next major resistance is near the $2,460 level. A clear move above the $2,460 resistance might send the price toward the $2,575 resistance or the 50% Fib retracement level of the downward move from the $3,040 swing high to the $2,107 low. Source: ETHUSD on TradingView.com An upside break above the $2,575 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,680 resistance zone or even $2,700 in the near term. Another Drop In ETH? If Ethereum fails to clear the $2,265 resistance, it could start a fresh decline. Initial support on the downside is near the $2,200 level. The first major support sits near the $2,175 zone. A clear move below the $2,175 support might push the price toward the $2,120 support. Any more losses might send the price toward the $2,050 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 – $2,175 Major Resistance Level – $2,265