Ethereum Price Fails to Clear $2,220 Resistance and Consolidates
Ethereum's price is struggling to break above the $2,220 resistance and has retraced from recent highs.
- ETH initiated an upward move past $2,120 but faced resistance at $2,320.
- The price is currently below $2,220 and the 100-hourly Simple Moving Average.
- A key rising channel was broken, with support now at $2,220 on the hourly chart.
- To see a significant increase, ETH must surpass both the $2,220 and $2,320 resistance levels.
Current Price Action
After rising from the $2,000 area, Ethereum surpassed the $2,120 and $2,200 marks. However, selling pressure emerged around $2,320, leading to a drop below $2,220.
The price formed a low at $2,103 and is currently trying to recover, having moved above the $2,120 and $2,150 levels. It is trading below the 50% Fib retracement level of the decline from $2,319 to $2,103.
The next major resistance is near $2,275. A sustained move above $2,320 could propel ETH towards $2,420 and potentially to $2,500 or $2,550.
Potential Decline
If the price does not breach the $2,220 resistance, another decline may occur. Key support levels include:
- $2,100
- $2,050
- $2,000
- $1,880
- $1,740
Technical Indicators show the MACD losing bullish momentum and the RSI falling below 50.
Major Support Level: $2,100
Major Resistance Level: $2,220