TA: Ethereum (ETH) Topside Bias Vulnerable If It Struggles Below $2.3K

0 9

Ethereum is struggling to gain pace above $2,300 and $2,320 against the US Dollar. ETH price could decline sharply if there is a break below $2,220.

  • Ethereum is showing a few bearish signs below the $2,320 resistance zone.
  • The price is still above the $2,200 zone and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $2,280 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must settle above $2,320 for more upsides in the near term.

Ethereum Price is Facing Hurdles

Ethereum remained stable above the $2,200 support zone, similar to bitcoin near $38,000. However, ETH price seems to be facing a strong resistance near the $2,320 zone.

The bulls made a couple of attempts to gain strength above $2,320, but they failed. A high was formed near $2,346 and the price is now correcting gains. It traded below the 23.6% Fib retracement level of the upward move from the $2,153 swing low to $2,346 high.

The bulls are now protecting the $2,280 level. There is also a key bullish trend line forming with support near $2,280 on the hourly chart of ETH/USD.

Ethereum Price

Ethereum Price

Source: ETHUSD on TradingView.com

The next key support is near the $2,250 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the upward move from the $2,153 swing low to $2,346 high. The main support is now near the $2,220 and $2,200 levels.

A clear downside break below the $2,200 support zone could set the pace for a larger decline. The next major support could be near the $2,120 level, followed by the main $2,050 support zone.

Upside Break in ETH?

If Ethereum remains stable $2,220, it could attempt an upside break. An immediate resistance on the upside is near the $2,320 level.

A clear break and close above $2,320 could set the pace for a larger increase. In the stated case, the price could easily rise towards the $2,400 level. The next key resistance is near the $2,450 level, above which the price might test $2,500 in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now struggling to stay above the 50 level.

Major Support Level – $2,220

Major Resistance Level – $2,320

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 42,348.00
ethereum
Ethereum (ETH) $ 2,931.75
tether
Tether (USDT) $ 0.997755
cardano
Cardano (ADA) $ 2.12
binance-coin
Binance Coin (BNB) $ 359.42
xrp
XRP (XRP) $ 0.934508
solana
Solana (SOL) $ 132.38
usd-coin
USD Coin (USDC) $ 0.998367
polkadot
Polkadot (DOT) $ 28.17
dogecoin
Dogecoin (DOGE) $ 0.210284
avalanche-2
Avalanche (AVAX) $ 64.55
binance-usd
Binance USD (BUSD) $ 0.998051
terra-luna
Terra (LUNA) $ 27.56
uniswap
Uniswap (UNI) $ 20.03
chainlink
Chainlink (LINK) $ 22.72
litecoin
Litecoin (LTC) $ 153.33
bitcoin-cash
Bitcoin Cash (BCH) $ 521.55
algorand
Algorand (ALGO) $ 1.70
cosmos
Cosmos (ATOM) $ 33.08
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 42,386.00
filecoin
Filecoin (FIL) $ 70.83
matic-network
Polygon (MATIC) $ 1.14
internet-computer
Internet Computer (ICP) $ 46.41
stellar
Stellar (XLM) $ 0.279263
tron
TRON (TRX) $ 0.091813
ftx-token
FTX Token (FTT) $ 54.13
ethereum-classic
Ethereum Classic (ETC) $ 47.88
vechain
VeChain (VET) $ 0.092945
dai
Dai (DAI) $ 0.998172
compound-ether
cETH (CETH) $ 58.91
theta-token
Theta Network (THETA) $ 5.34
compound-usd-coin
cUSDC (CUSDC) $ 0.022184
okb
OKB (OKB) $ 16.67
elrond-erd-2
Elrond (EGLD) $ 217.27
pancakeswap-token
PancakeSwap (CAKE) $ 19.01
bitcoin-cash-abc-2
Bitcoin Cash ABC (BCHA) $ 223.18
tezos
Tezos (XTZ) $ 4.96
monero
Monero (XMR) $ 227.34
ecash
eCash (XEC) $ 0.000215
cdai
cDAI (CDAI) $ 0.021618
crypto-com-chain
Crypto.com Coin (CRO) $ 0.158096
eos
EOS (EOS) $ 4.07
quant-network
Quant (QNT) $ 286.25
aave
Aave (AAVE) $ 287.53
staked-ether
Lido Staked Ether (STETH) $ 2,911.38
iota
IOTA (MIOTA) $ 1.32
shiba-inu
Shiba Inu (SHIB) $ 0.000007
the-graph
The Graph (GRT) $ 0.697085
axie-infinity
Axie Infinity (AXS) $ 56.84
near
Near (NEAR) $ 6.98
hedera-hashgraph
Hedera Hashgraph (HBAR) $ 0.335484
kusama
Kusama (KSM) $ 322.74
leo-token
LEO Token (LEO) $ 3.00
neo
NEO (NEO) $ 39.49
fantom
Fantom (FTM) $ 1.08
klay-token
Klaytn (KLAY) $ 1.10
bitcoin-sv
Bitcoin SV (BSV) $ 142.88
terrausd
TerraUSD (UST) $ 0.999337
arweave
Arweave (AR) $ 39.62
waves
Waves (WAVES) $ 23.40
bittorrent-2
BitTorrent (BTT) $ 0.003327
amp-token
Amp (AMP) $ 0.045859
maker
Maker (MKR) $ 2,417.45
celsius-degree-token
Celsius Network (CEL) $ 5.02
huobi-token
Huobi Token (HT) $ 11.97
sushi
Sushi (SUSHI) $ 9.79
thorchain
THORChain (RUNE) $ 7.15
celo
Celo (CELO) $ 5.97
compound-governance-token
Compound (COMP) $ 332.84
havven
Synthetix Network Token (SNX) $ 10.24
helium
Helium (HNT) $ 18.21
dash
Dash (DASH) $ 164.75
huobi-btc
Huobi BTC (HBTC) $ 42,492.00
chiliz
Chiliz (CHZ) $ 0.277797
theta-fuel
Theta Fuel (TFUEL) $ 0.273951
decred
Decred (DCR) $ 111.58
holotoken
Holo (HOT) $ 0.008282
xdce-crowd-sale
XDC Network (XDC) $ 0.115818
true-usd
TrueUSD (TUSD) $ 0.998121
nem
NEM (XEM) $ 0.153219
zcash
Zcash (ZEC) $ 116.81
blockstack
Stacks (STX) $ 1.28
harmony
Harmony (ONE) $ 0.125439
iostoken
IOST (IOST) $ 0.057312
omisego
OMG Network (OMG) $ 8.98
enjincoin
Enjin Coin (ENJ) $ 1.31
ecomi
ECOMI (OMI) $ 0.005447
olympus
Olympus (OHM) $ 604.53
paxos-standard
Pax Dollar (USDP) $ 1.00
mina-protocol
Mina Protocol (MINA) $ 4.47
zilliqa
Zilliqa (ZIL) $ 0.085623
flow
Flow (FLOW) $ 16.39
yearn-finance
yearn.finance (YFI) $ 29,016.00
qtum
Qtum (QTUM) $ 9.89
icon
ICON (ICX) $ 1.55
bitclout
Decentralized Social (DESO) $ 96.37
osmosis
Osmosis (OSMO) $ 5.52
curve-dao-token
Curve DAO Token (CRV) $ 2.40
basic-attention-token
Basic Attention Token (BAT) $ 0.643110
bitcoin-gold
Bitcoin Gold (BTG) $ 53.94