TA: Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $2.2K
Ethereum is attempting a decent recovery wave above $2,100 against the US Dollar. ETH price could gain momentum if it settles above the $2,200 resistance zone.
- Ethereum is slowly moving higher above the $2,100 resistance zone.
- The price is now trading near the $2,150 resistance and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $2,100 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must settle above $2,180 and $2,200 to start a steady increase in the near term.
Ethereum Price Is Facing Hurdles
There was a fresh decline in ethereum below the $2,120 support zone. However, ETH remained well bid above the $2,050 support zone. A low is formed near $2,050 before the price started a fresh increase, similar to bitcoin.
The price recovered above the $2,100 and $2,120 resistance levels. Ether even climbed above the 23.6% Fib retracement level of the key decline from the $2,405 swing high to $2,049 low. it is now trading near the $2,150 resistance and the 100 hourly simple moving average.
The first key resistance is near the $2,200 level. The next major resistance is near the $2,220 level. It is near the 50% Fib retracement level of the key decline from the $2,405 swing high to $2,049 low.
Source: ETHUSD on TradingView.com
A proper close above the $2,200 and $2,220 resistance levels could set the pace for a decent increase. The next major resistance above $2,220 could be near the $2,300 level. Any more gains could set the pace for a move towards the $2,450 level in the near term.
Fresh Decline in ETH?
If Ethereum fails to climb above the $2,200 resistance zone, it could start a fresh decline. An initial support on the downside is near the $2,100 level.
The first major support is near the $2,050 level. The next major support is near the $2,000 level. If ether bulls fail to defend the $2,050 and $2,000 support levels, there are chances of a sharp decline. The next stop for the bears may possibly be near the $1,850 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 level.
Major Support Level – $2,050
Major Resistance Level – $2,200
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, @KhareemSudlow
