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Ethereum Price Close Below $2,120 Could Spark Larger Degree Decline Trending Crypto News

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Ethereum price is struggling to climb again above $2,200 and $2,250. ETH could gain bearish momentum if there is a clear move below the $2,120 support.

  • Ethereum is struggling to gain pace for a move above the $2,150 resistance zone.
  • The price is trading below $2,200 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance near $2,210 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could climb further higher if it clears the $2,210 resistance zone.

Ethereum Price Faces Hurdles

Ethereum price attempted a fresh increase above the $2,200 level. However, ETH failed to gain pace for a move above the $2,250 resistance. A high was formed near $2,253 and the price started a fresh decline, like Bitcoin.

There was a drop below $2,200. A low was formed near $2,136 and the price is now attempting a fresh increase. There was a move above the $2,180 level. The price tested the 50% Fib retracement level of the recent decline from the $2,253 swing high to the $2,136 low.

Ethereum is now trading below $2,200 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance near $2,210 on the hourly chart of ETH/USD.

On the upside, the price is facing resistance near the $2,205 level. It is close to the 61.8% Fib retracement level of the recent decline from the $2,253 swing high to the $2,136 low.

Source: ETHUSD on TradingView.com

The next key resistance is near the $2,220 level or the trend line. The main resistance is still near $2,250. A clear move above the $2,250 zone could send the price toward the $2,320 level. The next resistance sits at $2,350. Any more gains could start a wave toward the $2,420 level, above which Ethereum might rally and test the $2,550 zone.

More Losses in ETH?

If Ethereum fails to clear the $2,210 resistance, it could start another decline. Initial support on the downside is near the $2,165 level.

The first key support could be the $2,120 zone. A downside break and a close below $2,120 might start another major decline. In the stated case, Ether could revisit the $2,000 support. Any more losses might send the price toward the $1,880 level in the coming days.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

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

Major Support Level – $2,120

Major Resistance Level – $2,250

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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