Ethereum Nears Breakout Zone, Why ETH Might Start Recovery
Categories: Crypto News US
Ethereum Nears Breakout Zone, Why ETH Might Start Recovery
Ethereum Price Faces Breakout Resistance
Ethereum extended its decline below the $2,400 level. ETH even traded below the $2,300 before the bulls appeared near the $2,200 support zone.The price started a recovery wave above the $2,300 and $2,320 levels. The bulls pumped the price above $2,400, but they failed near $2,450. Recently, there was a fresh decline to $2,250. A low is formed near $2,263 and the price is now rising.
Ethereum Price Faces Breakout Resistance
Ethereum extended its decline below the $2,400 level. ETH even traded below the $2,300 before the bulls appeared near the $2,200 support zone.The price started a recovery wave above the $2,300 and $2,320 levels. The bulls pumped the price above $2,400, but they failed near $2,450. Recently, there was a fresh decline to $2,250. A low is formed near $2,263 and the price is now rising.
There was a break above the $2,320 level. Ether price is trading above the 50% Fib retracement level of the recent decline from the $2,455 swing high to $2,263 low.However, it is still trading below $2,400 and the 100 hourly simple moving average. On the upside, an initial resistance is seen near the $2,385 level. There is also a key bearish trend line forming with resistance near $2,385 on the hourly chart of ETH/USD.
More Losses in ETH?
If ethereum fails to recover above the $2,455 resistance, it could continue to move down. An initial support on the downside is near the $2,300 zone.The next major support is near the $2,260 level. The main breakdown support now sits near the $2,225 level. If there is a downside break below $2,225 and the $2,200 zone, ether price extend losses. In the stated case, it might even visit the $2,000 support.