Facing Great Resistance, What Are The Significant Levels? Coinexc

Ethereum continued its decline and traded near the $ 1,700 zone against the US Dollar. ETH price is recovering, but faces strong resistance in the $ 2,200 zone. According to the technical analysis of NewsBTC’s Aayush Jindal:

  • Ethereum pulled its decline below the $ 2,000 and $ 1,800 support levels.
  • The price is well below the $ 2,500 level and the 100 hourly simple moving average.
  • There is a major bearish trend line showing resistance near $ 2,200 on the hourly chart of ETH / USD (based on Kraken data).
  • The pair needs to clear $ 2,200 and $ 2,400 to start a good recovery in the near term.

Ethereum (ETH) Price Faces Great Resistance

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Ethereum failed to stay above the $ 2,000 support level and continued its decline. ETH even broke the $ 1,800 level and settled well below the 100 hourly simple moving average.

It traded as low as $ 1,731 and recently started an upward correction. Ethereum climbed above the $ 1,800 and $ 1,850 resistance levels. There was a break above the 50% Fib retracement level of the last decline from the $ 2,495 high to $ 1,731 low.

However, it is currently facing strong resistance in the $ 2,200 zone. There is a major bearish trend line with resistance near $ 2,200 on the hourly chart of ETH / USD.

What are the important levels facing a great resistance in ethereum eth price analysis?

The trendline is near the 61.8% Fib retracement level of the last drop from the $ 2,495 high to $ 1,731 low. A clear break above the trendline resistance could set the pace for a strong move above $ 2,200. The next major resistance is near $ 2,400 and the 100 hourly simple moving average. Further gains could push the price up to $ 2,800.

Will Ethereum (ETH) Fall?

If Ethereum cannot continue above the $ 2,200 and $ 2,400 resistance levels, it could initiate another decline. Initial support on the downside is near the $ 2,000 level.

The first major support is near the $ 1,800 level. The main support is currently forming near the $ 1,700 level and the link support trendline. Further losses could trigger a larger drop towards $ 1,500 in the coming sessions. The next major support is near the $ 1,200 level.

Technical Indicators

  • Hourly MACD – The MACD for ETH / USD is slowly decelerating in the bullish zone.
  • Hourly RSI – The RSI for ETH / USD is trying to stay above the 50 level.
  • Major Support Level – $ 2,000
  • Major Resistance Level – $ 2,200

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