Ethereum price is struggling to clear the $2,300 resistance zone. ETH is showing a few bearish signs and might decline toward the $2,080 support.
- Ethereum is still struggling to clear the $2,280 and $2,300 resistance levels.
- The price is trading below $2,260 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance near $2,240 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its decline if it stays below the $2,300 resistance zone.
Ethereum Price Faces Major Hurdle
Ethereum price attempted a fresh increase above the $2,200 level, like Bitcoin. ETH climbed above the $2,250 and $2,260 levels. However, the bears were active near $2,300 and the 100-hourly Simple Moving Average.
A high was formed near $2,289 and the price recently saw a bearish reaction. There was a move below the $2,250 level. The price traded below the 23.6% Fib retracement level of the upward wave from the $1,860 swing low to the $2,289 high.
More Losses in ETH?
If Ethereum fails to clear the $2,250 resistance, it could start a fresh decline. Initial support on the downside is near the $2,120 level.Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,080 Major Resistance Level – $2,280