The price of Ethereum was unable to clear the $2,320 resistance and trimmed the profits. ETH is currently facing hurdles consolidated near $2,220 resistance.
- Ethereum has launched a new upward movement above the $2,120 support zone.
- The price is below $2,220 and trades a simple moving average of 100 hours.
- There was a break under the Key Rising Channel with $2,220 support on the ETH/USD hourly wage chart (data feed via Kraken).
- The pair must complete resistance levels of $2,220 and $2,320 and start a decent increase.
Ethereum prices drop again
Ethereum prices have started a decent rise from the $2,000 zone, like Bitcoin. ETH climbed above $2,120 and $2,200 resistance levels. However, the bear was active at nearly $2,320, falling below $2,220.
There was a break under the major rising channels supported at $2,220 on the ETH/USD hourly wage chart. The lows are formed at $2,103, and prices are attempting a recovery wave. There was a move above the $2,120 and $2,150 resistance levels.
We have cleared a 23.6% FIB retracement level from the $2,319 Swing High to the $2,103 low. Ethereum prices are currently below $2,220, trading a simple 100-hour moving average.
The advantage is that the price appears to be facing a hurdle close to the $2,220 level. This is close to the 50% FIB retracement level of downward movement, from the $2,319 Swing High to the $2,103 low. The next important resistance is close to the $2,275 level.
The first major resistance is close to the $2,320 level. A clear move outweighs the $2,320 resistance could potentially send the price to the $2,420 resistance. An upward break above the $2,420 resistance could require more profits in future sessions. If stated, ether could rise towards a $2,500 resistance zone, and even $2,550.
Another drop in ETH?
If Ethereum fails to clear the $2,220 resistance, it could begin to reduce another. The initial support for the downside is close to the $2,100 level. The first major support will be near the $2,050 zone.
A clear move below $2,050 support could push the price up to $2,000 support. Any further losses could send prices towards a support level of $1,880 in the short term. The following key support is $1,740.
Technical indicators
Timely MACD – ETH/USD’s MACD is losing momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI is below 50 zone.
Key Support Levels – $2,100
Major Resistance Levels – $2,220
