Ethereum’s price movement has been relatively quiet, but it is approaching a crucial breakout point. The current price of ETH is consolidating below the resistance zone at $2,350. However, there is a possibility that it may retest the support level at $2,200 before initiating a new upward move.
As of now, Ethereum is still holding onto its gains above the support zone at $2,250. However, it is trading below both the $2,280 level and the 100-hourly Simple Moving Average, indicating a bearish trend. On the hourly chart of ETH/USD, a bearish trend line is forming with resistance near $2,290.
In order for the price to experience a significant increase, it would need to surpass the $2,350 resistance level. If successful, the next level of resistance would be at $2,420, followed by a potential rally towards the $2,550 zone.
However, if Ethereum fails to break the $2,290 resistance, it may experience a fresh decline. The initial support level on the downside is around $2,250, with the possibility of further losses towards the $2,220 level. A break and close below $2,220 could lead to more bearish movements, potentially sending the price towards the $2,120 or even $2,040 level.
In terms of technical indicators, the MACD for ETH/USD is showing a loss of bullish momentum in the hourly timeframe, while the RSI is now below the 50 level.
Please note that this article is for educational purposes only and does not constitute financial advice. Readers are advised to conduct their own research and exercise caution when making investment decisions.