If Ethereum (ETH) struggles below 2.3K USD, its upper deviation is vulnerable to attack

The exchange rate of Ethereum against the U.S. dollar is working hard to break through 2,300 USD and 2,320 USD. If it falls below $2,220, the price of ETH may fall sharply.

  • Ethereum is showing some bearish signs below the $2,320 resistance zone.
  • The price is still above the $2,200 area and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (through data provided by Kraken), a key bullish trend line is formed, and the support level is near $2,280.
  • The currency pair must close above $2,320 to gain more room for upside in the short term.

Ethereum price faces obstacles

Ethereum remains stable above the $2,200 support area, similar to Bitcoin Nearly 38,000 USD.However, the ETH price seems to be facing Strong resistance Close to the $2,320 area.

The bulls have tried several times to gain strength above $2,320 but failed. A high was formed near $2,346, and the price is now correcting its gains. It is trading below the 23.6% Fibonacci retracement of the upward movement from the swing low of $2,153 to the high of $2,346.

The bulls are now protecting the $2,280 level. On the hourly chart of ETH/USD, there is also a key bullish trend line formed, and the support level is near $2,280.

Source: ETHUSD on TradingView.com

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

A clear downside break below the $2,200 support area may set the pace for greater declines. The next major support level may be around $2,120, and then the major support level of $2,050.

ETH upside breakthrough?

If Ethereum remains stable at $2,220, it may try to break upward. The immediate resistance on the upside is near the $2,320.

A clear breakthrough and closing above $2,320 may lay the foundation for greater gains. Under the above circumstances, the price could easily rise to the level of US$2,400. The next key resistance is near the $2,450 level, above which the price may test the $2,500 level in the short term.

Technical index

MACD per hour —— The MACD of ETH/USD is now losing pace in the bullish zone.

RSI per hour —— The RSI for ETH/USD is now trying to stay above the 50 level.

Main support level-2,220 USD

Main resistance-2,320 USD

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