Ethereum Price Stalls — What’s Preventing Its Rise?
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The value of Ethereum has retraced from previous gains, currently testing around the $2,320 mark. ETH appears to be facing challenges and may further decline towards the $2,220 support area.
- Ether initiated a downward correction from the $2,580 level, reaching as low as $2,320.
- The asset is currently trading below the $2,500 threshold and is under the 100-hourly Simple Moving Average.
- A bearish trend line is emerging, with resistance near $2,540 according to the hourly ETH/USD chart.
- The pair may strengthen if it can surpass the $2,550 resistance soon.
Ethereum Price Takes a Hit
Ethereum faced difficulty surpassing the $2,520 resistance and has begun a downward adjustment, unlike trends seen in Bitcoin. The price dropped below the critical levels of $2,500 and $2,440.
The sell-off drove prices below the 50% Fibonacci retracement of the rise from the $2,308 low to the $2,509 high, even dipping below $2,440, though buyers became active around the $2,400 mark.
Currently, the price remains above the 61.8% Fibonacci retracement level from the $2,308 swing low to the $2,509 high. Ethereum is trading below $2,450, aligned with the 100-hourly Simple Moving Average. Additionally, there’s a bearish trend line forming with resistance around $2,540 on the hour ETH/USD chart.
Should there be a resurgence, resistance may materialize near the $2,460 level. The next significant resistance level is around $2,500. The most substantial resistance stands near $2,550 in conjunction with the trend line. A clear breakout above $2,550 could propel prices towards the $2,580 mark.
A breakout above $2,580 could potentially lead to further price gains in the upcoming sessions. In that scenario, Ether might rise to the $2,700 resistance or even approach $2,780 shortly.
Could Ethereum See Further Decline?
If Ethereum is unable to breach the $2,500 resistance, a fresh decline could commence. Initial support exists around the $2,400 level. The primary support structure is close to the $2,350 range.
A decisive move below the $2,350 support could bring the price down to the $2,320 support level. Additional drops may see the price test the $2,220 support level soon. The next major support tier is at $2,120.
Technical Indicators
Hourly MACD – The MACD for ETH/USD shows increasing bearish momentum.
Hourly RSI – The RSI for ETH/USD is currently below 50.
Major Support Level – $2,400
Major Resistance Level – $2,500
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