Ethereum Price Builds Tension Below Resistance, Breakout Risk Rising
Analysis
Price Impact
HighEthereum is consolidating below significant resistance at $2,110 - $2,120. a breakout above this level could trigger a strong bullish move towards $2,200 and potentially higher, while failure to clear it and a fall below $2,000 could lead to a fresh decline.
Trustworthiness
HighThe source has a strict editorial policy focused on accuracy, relevance, and impartiality, created by industry experts, meticulously reviewed, and adheres to the highest standards in reporting and publishing.
Price Direction
NeutralThe price is currently building tension below major resistance at $2,110 - $2,120. a clear move above $2,200 could lead to a bullish rally, whereas a failure to clear resistance and a break below the $2,000 support could initiate a bearish trend.
Time Effect
ShortThe analysis refers to potential movements 'in the coming days' and 'in the near term', indicating a focus on immediate to very short-term price action.
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Article Content:
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 started a recovery wave above $2,000. ETH is now consolidating and eyeing an upside break above the $2,120 resistance. Ethereum managed to stay above $1,880 and recovered some losses. The price is trading below $2,120 and the 100-hourly Simple Moving Average. There is a major bearish trend line forming with resistance at $2,110 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline if it stays below the $2,200 zone. Ethereum Price Faces Resistance Ethereum price managed to form a base above $1,880 and started a recovery wave, like Bitcoin . ETH price traded above the $1,950 and $1,980 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $2,340 swing high to the $1,745 low. The bulls even pushed the price above $2,050. However, they are facing hurdles near the $2,120 zone. There is also a major bearish trend line forming with resistance at $2,110 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,100 and the 100-hourly Simple Moving Average . If the bulls remain in action above $2,000, the price could attempt another increase. Immediate resistance is seen near the $2,110 level and the trend line. The first key resistance is near the $2,200 level and the 76.4% Fib retracement level of the downward move from the $2,340 swing high to the $1,745 low. The next major resistance is near the $2,240 level. Source: ETHUSD on TradingView.com A clear move above the $2,240 resistance might send the price toward the $2,350 resistance. An upside break above the $2,350 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,550 resistance zone or even $2,665 in the near term. Another Decline In ETH? If Ethereum fails to clear the $2,110 resistance, it could start a fresh decline. Initial support on the downside is near the $2,040 level. The first major support sits near the $2,000 zone. A clear move below the $2,000 support might push the price toward the $1,880 support. Any more losses might send the price toward the $1,750 region. The main support could be $1,720. 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 below the 50 zone. Major Support Level – $2,000 Major Resistance Level – $2,200