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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum
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TA: Ethereum Faces Hurdles, Here’s What Could Trigger Strong Recovery

Aayush Jindal by Aayush Jindal
2 years ago
in ETH
Reading Time: 2 mins read

Ethereum extended its decline and traded close to the $1,700 zone against the US Dollar. ETH price is recovering, but it is facing a strong resistance near $2,200.

  • Ethereum extended its decline below the $2,000 and $1,800 support levels.
  • The price is well below the $2,500 level and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $2,200 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear $2,200 and $2,400 to start a decent recovery in the near term.

Ethereum Price is Facing a Major Resistance

Ethereum failed to stay above the $2,000 support level and it extended its decline. ETH even broke the $1,800 level and it settled well below the 100 hourly simple moving average.

It traded as low as $1,731 and recently started an upside correction. Ether climbed above the $1,800 and $1,850 resistance levels. There was a break above the 50% Fib retracement level of the recent decline from the $2,495 swing high to $1,731 low.

However, it is now facing a strong resistance near the $2,200 level. There is also a major bearish trend line forming with resistance near $2,200 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

The trend line is close to the 61.8% Fib retracement level of the recent decline from the $2,495 swing high to $1,731 low. A clear break above the trend line resistance could set the pace for a strong move above $2,200. The next key resistance is near $2,400 and the 100 hourly simple moving average. Any more gains could lead the price towards the $2,800 level.

Fresh Decline in ETH?

If Ethereum fails to continue higher above the $2,200 and $2,400 resistance levels, it could start another decline. An initial support on the downside is near the $2,000 level.

The first key support is near the $1,800 level. The main support is now forming near the $1,700 level and a connecting support trend line. Any more losses could trigger a larger decline towards $1,500 in the coming sessions. The next major support is near the $1,200 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is struggling to stay above the 50 level.

Major Support Level – $2,000

Major Resistance Level – $2,200

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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