Ethereum Price Retreats—Will It Find Support or Drop Further?
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Ethereum price failed to clear the $2,320 resistance and pruning gains. ETH is now consolidating the barriers near the $2,220 resistance.
- Ethereum started a new upward move above the $2,120 support zone.
- Prices trade below the $2,220 and the 100-hour simple moving average.
- There is a breakout below a key uptrend, with support at $2,220 on the hourly chart of ETH/USD (via Kraken’s feed).
- Two people have to clear the $2,220 and $2,320 resistance levels to start a nice increase.
Ethereum prices fall again
Ethereum prices start well from the $2,000 region, Bitcoin. ETH climbed to resistance levels of $2,120 and $2,200. However, the Bears are close to $2,320 in activity and delaying the price to below $2,220.
There is a breakout below the key upward channel, supporting $2,220 on the hourly chart of ETH/USD. The low price is $2,103 and the current price is trying to recover the wave. Move the resistance level above $2,120 and $2,150.
It cleared 23.6% FIB retracement level Move down From the swing high of $2,319 to the low of $2,103. Ethereum price is now trading below the $2,220 and the 100-hour simple moving average.
On the plus side, the price seems to be facing a $2,220 hurdle. It is close to the 50% FIB retracement level from the $2,319 swing high to the $2,103 low. The next key resistance is close to $2,275.
The first major resistance is close to the $2,320 level. A noticeable move above $2,320 resistors may shift the price to $2,420 resistors. A rise in resistors above $2,420 could demand more gains in the upcoming meeting. In the case of statements, Ether may rise toward the $2,500 resistance zone or even $2,550 in the short term.
Is there another game?
If Ethereum fails to clear the $2,220 resistance, it may drop again. The initial support for disadvantages is close to the $2,100 level. The first major support is located near the $2,050 area.
A clear move to support below $2,050 could push the price to $2,000 support. In the short term, more losses could shift the price to the support level of $1,880. The next key supports $1,740.
Technical Indicators
Hourly MACD – MACD of ETH/USD is losing momentum in bullish areas.
Hourly RSI – The RSI of ETH/USD is now below the 50 area.
Main support level – $2,100
Main resistance level – $2,220
