Ethereum’s price is facing resistance at the $2,300 level, and there are indications of a bearish trend. If the price fails to break through this resistance, it could drop towards the $2,080 support level. Ethereum is currently trading below the 100-hourly Simple Moving Average and there is a bearish trend line forming with resistance near $2,240.
On the other hand, if Ethereum manages to surpass the $2,300 resistance, it could experience an upward movement towards the $2,400 and $2,500 levels. However, a close above $2,300 is crucial for a sustained upward move.
If Ethereum fails to clear the $2,250 resistance, it could initiate a fresh decline, with initial support at the $2,120 level. The next key support lies at $2,080, followed by the $2,020 level. Further losses might push the price towards $1,960.
Technical indicators for Ethereum show potential bearish momentum, with the MACD in the bearish zone and the RSI below the 50 level.
It’s important to note that this information is for educational purposes only and should not be taken as financial advice. Conduct your own research and make informed investment decisions.