Ethereum increased its decline and traded near the $ 1,600 area against the US dollar. The price of ETH is recovering, but it is facing strong resistance near $ 2,200.
- Ethereum extended its decline below the support level of $ 2,000 and $ 1,800.
- The price is well below the $ 2,500 level and the 100-hour simple moving average.
- A major bearish trend line is forming on the ETH / USD hourly chart with resistance near $ 2,200 (data feed via Kraken).
- To start a good recovery in the short term, the pair should withdraw $ 2,200 and $ 2,400.
Ethereum price faces a major resistance
Ethereum failed to stay above the $ 2,000 support level and it Increased its decline. ETH also broke the $ 1,800 level and fell well below the 100-hour simple moving average.
It traded as low as $ 1,731 and recently launched a reverse correction. Ether climbed above resistance levels of $ 1,800 and $ 1,850. The recent fall broke from the 50% Fibonacci retracement level, which fell from a high of $ 2,495 to a low of $ 1,731.
However, it now faces strong resistance near $ 2,200. There is also a major bearish trend line with resistance near $ 2,200 on the hourly chart of ETH / USD.
Source: ETHUSD on TradingView.com
The trend line is close to the 61.8% Fibonacci retracement of the recent decline, dropping from a high of $ 2,495 to a low of $ 1,731. A clear pause above the trend line resistance can set the pace for a strong move above $ 2,200. The next major resistance is near $ 2,400 and 100-hour moving average. Any further gains could push the price up to the $ 2,800 level.
The latest drop in ETH?
If Ethereum fails to continue above resistance levels of $ 2,200 and $ 2,400, it could start another fall. On the downside, initial support is near the $ 2,000 level.
The first major support is near the $ 1,800 level. Main support is now building near the $ 1,700 level and a connecting support trend line. Any further losses in the coming seasons could trigger a larger $ 1,500 drop. The next major support is near the $ 1,200 level.
Hourly macd – The MACD for ETH / USD is slowly losing momentum in the bull zone.
Hourly RSI – The RSI for ETH / USD is struggling to stay above the 50 level.
Key Support Level – $ 2,000
Major Resistance Level – $ 2,200