Ethereum price failed to recover further above the $2,300 resistance. ETH is showing a few bearish signs and might revisit the $2,080 support.
- Ethereum is struggling to clear the $2,280 and $2,300 resistance levels.
- The price is trading below $2,300 and the 100-hourly Simple Moving Average.
- There is a major bearish trend line forming with resistance near $2,280 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it stays below the $2,300 resistance zone.
Ethereum Price Faces Rejection
Ethereum price started a recovery wave above the $2,120 level, like Bitcoin. ETH was able to clear the $2,200 and $2,220 resistance levels. However, the bears were active near $2,300 and the 100-hourly Simple Moving Average.
The price failed to clear the 76.4% Fib retracement level of the downward move from the $2,430 swing high to the $1,860 low. It is now struggling to clear the $2,280 and $2,300 resistance levels. There is also a major bearish trend line forming with resistance near $2,280 on the hourly chart of ETH/USD.
Fresh Decline in ETH?
If Ethereum fails to clear the $2,300 resistance, it could start a fresh decline. Initial support on the downside is near the $2,185 level.Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,185 Major Resistance Level – $2,300
