Ethereum

Ethereum Faces Hurdles, Here’s What Could Trigger Strong Recovery

Ethereum extended its decline and traded close to the $1,700 zone against the US Dollar. ETH price is recovering, but it is facing a strong resistance near $2,200.

Ethereum extended 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 forming with resistance near $2,200 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear $2,200 and $2,400 to start a decent recovery in the near term.

Ethereum Price is Facing a Major Resistance
Ethereum failed to stay above the $2,000 support level and it extended its decline. ETH even broke the $1,800 level and it settled well below the 100 hourly simple moving average.
It traded as low as $1,731 and recently started an upside correction. Ether climbed above the $1,800 and $1,850 resistance levels. There was a break above the 50% Fib retracement level of the recent decline from the $2,495 swing high to $1,731 low.
However, it is now facing a strong resistance near the $2,200 level. There is also a major bearish trend line forming with resistance near $2,200 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
The trend line is close to the 61.8% Fib retracement level of the recent decline from the $2,495 swing high to $1,731 low. A clear break above the trend line resistance could set the pace for a strong move above $2,200. The next key resistance is near $2,400 and the 100 hourly simple moving average. Any more gains could lead the price towards the $2,800 level.
Fresh Decline in ETH?
If Ethereum fails to continue higher above the $2,200 and $2,400 resistance levels, it could start another decline. An initial support on the downside is near the $2,000 level.
The first key support is near the $1,800 level. The main support is now forming near the $1,700 level and a connecting support trend line. Any more losses could trigger a larger decline 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 losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is struggling to stay above the 50 level.
Major Support Level – $2,000
Major Resistance Level – $2,200

bitcoin
Bitcoin (BTC) $ 42,089.28
ethereum
Ethereum (ETH) $ 2,267.34
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 235.10
xrp
XRP (XRP) $ 0.640018
solana
Solana (SOL) $ 63.07
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,269.65
cardano
Cardano (ADA) $ 0.410312
dogecoin
Dogecoin (DOGE) $ 0.089765
tron
TRON (TRX) $ 0.105283
chainlink
Chainlink (LINK) $ 16.05
avalanche-2
Avalanche (AVAX) $ 22.91
matic-network
Polygon (MATIC) $ 0.822739
polkadot
Polkadot (DOT) $ 5.72
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 42,014.26
litecoin
Litecoin (LTC) $ 74.80
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 0.999220
bitcoin-cash
Bitcoin Cash (BCH) $ 251.48
uniswap
Uniswap (UNI) $ 6.16
okb
OKB (OKB) $ 60.10
stellar
Stellar (XLM) $ 0.124331
leo-token
LEO Token (LEO) $ 3.75
kaspa
Kaspa (KAS) $ 0.149440
monero
Monero (XMR) $ 172.05
true-usd
TrueUSD (TUSD) $ 0.999549
ethereum-classic
Ethereum Classic (ETC) $ 20.30
cosmos
Cosmos Hub (ATOM) $ 9.80
crypto-com-chain
Cronos (CRO) $ 0.097466
internet-computer
Internet Computer (ICP) $ 5.10
filecoin
Filecoin (FIL) $ 4.82
lido-dao
Lido DAO (LDO) $ 2.46
hedera-hashgraph
Hedera (HBAR) $ 0.063768
near
NEAR Protocol (NEAR) $ 2.14
aptos
Aptos (APT) $ 7.50
thorchain
THORChain (RUNE) $ 6.80
bittensor
Bittensor (TAO) $ 345.05
immutable-x
Immutable (IMX) $ 1.44
mantle
Mantle (MNT) $ 0.570174
vechain
VeChain (VET) $ 0.024048
binance-usd
BUSD (BUSD) $ 1.00
optimism
Optimism (OP) $ 1.80
terra-luna
Terra Luna Classic (LUNC) $ 0.000249
injective-protocol
Injective (INJ) $ 17.80
quant-network
Quant (QNT) $ 102.49
aave
Aave (AAVE) $ 101.93
arbitrum
Arbitrum (ARB) $ 1.13
the-graph
The Graph (GRT) $ 0.154220
render-token
Render (RNDR) $ 3.85