Ethereum, the ever-graceful ballerina of the crypto world, stumbled just shy of the $2,320 spotlight. Now, it’s pirouetting around the $2,220 mark, trying to regain its balance.
- Ethereum, in a moment of elegance, rose above the $2,120 support zone, only to face a chorus of boos near $2,320.
- The price, now trading below $2,220 and the 100-hourly Simple Moving Average, is doing its best to look composed.
- A key rising channel with support at $2,220 on the hourly chart of ETH/USD (data feed via Kraken) has been broken, much to the delight of the bears.
- To regain its dignity, Ethereum must clear the $2,220 and $2,320 resistance levels and start a decent increase.
Ethereum price, like a seasoned performer, began its ascent from the $2,000 zone, climbing above the $2,120 and $2,200 resistance levels. However, just as it was about to take a bow, the bears stepped in, pushing the price back below $2,220.
A low was formed at $2,103, and now Ethereum is attempting a recovery wave, moving above the $2,120 and $2,150 resistance levels. It even managed to clear the 23.6% Fib retracement level of the downward move from the $2,319 swing high to the $2,103 low. Yet, it remains below $2,220 and the 100-hourly Simple Moving Average.
On the upside, the price is facing hurdles near the $2,220 level, which is close to the 50% Fib retracement level of the downward move from the $2,319 swing high to the $2,103 low. The next key resistance is near the $2,275 level.
The first major resistance is near the $2,320 level. A clear move above the $2,320 resistance might send the price toward the $2,420 resistance. An upside break above the $2,420 resistance might call for more gains in the coming sessions. In such a case, Ether could rise toward the $2,500 resistance zone or even $2,550 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $2,220 resistance, it could start another decline. Initial support on the downside is near the $2,100 level. The first major support sits near the $2,050 zone.
A clear move below the $2,050 support might push the price toward the $2,000 support. Any more losses might send the price toward the $1,880 support level in the near term. The next key support sits at $1,740.
Technical Indicators
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 zone.
Major Support Level – $2,100
Major Resistance Level – $2,220
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2025-03-07 07:43