The Ethereum price is currently facing challenges as it tries to climb above the $2,200 and $2,250 levels. If the cryptocurrency fails to gain momentum and experiences a clear move below the $2,120 support, it could potentially enter a bearish phase. This article will analyze the current status of Ethereum and provide insights into possible future scenarios for the cryptocurrency.
Ethereum is currently finding it difficult to gain the necessary traction to move above the crucial $2,150 resistance zone. As of now, the price is trading below $2,200 and the 100-hourly Simple Moving Average. A bearish trend line is also forming with resistance near $2,210 on the hourly chart of ETH/USD.
Recently, Ethereum made an attempt to surpass the $2,200 level but was unable to gain enough momentum to break the $2,250 resistance. The price reached a high of approximately $2,253 before experiencing a fresh decline. Similar to Bitcoin, Ethereum saw a drop below $2,200, with a low of around $2,136. However, the cryptocurrency is now in the process of attempting another increase in value.
Ethereum is currently trading below $2,200 and the 100-hourly Simple Moving Average, indicating a potential struggle for the cryptocurrency. Additionally, a bearish trend line is forming with resistance near $2,210 on the hourly chart of ETH/USD. On the upside, the price is encountering resistance around the $2,205 level, which is close to the 61.8% Fib retracement level of the recent decline.
The next key resistance level for Ethereum is near the $2,220 mark or the trend line. However, the main resistance remains at $2,250. A clear move above this crucial level could potentially propel the price towards the $2,320 and $2,350 levels. If Ethereum manages to break through these resistances, it might rally further and even test the $2,550 zone.
On the other hand, if Ethereum fails to clear the $2,210 resistance, it could experience another decline. The initial support on the downside is near the $2,165 level, followed by the $2,120 zone. A downward break and close below $2,120 could mark the start of a major decline for Ethereum. In such a case, the price might revisit the $2,000 support level, with the possibility of further losses towards the $1,880 level in the coming days.
The hourly MACD for ETH/USD is currently gaining momentum in the bullish zone, suggesting a potential upward movement for Ethereum. Additionally, the hourly RSI for ETH/USD is above the 50 level, indicating a favorable outlook for the cryptocurrency.
As Ethereum continues to face obstacles in breaking crucial resistance levels, it is crucial for traders and investors to monitor the developments closely. The $2,210 resistance level poses a significant challenge, and a clear move above this resistance is needed for Ethereum to gain bullish momentum. Conversely, a failure to break the resistance could lead to a bearish phase, potentially pushing the price towards key support levels. Traders are advised to conduct thorough research and analysis before making any investment decisions, as investing in cryptocurrencies carries inherent risks.