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Ethereum (ETH) Topside Bias Vulnerable If It Struggles Below $2.3K

Ethereum is struggling to gain pace above $2,300 and $2,320 against the US Dollar. ETH price could decline sharply if there is a break below $2,220.

Ethereum is showing a few bearish signs below the $2,320 resistance zone.
The price is still above the $2,200 zone and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $2,280 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must settle above $2,320 for more upsides in the near term.

Ethereum Price is Facing Hurdles
Ethereum remained stable above the $2,200 support zone, similar to bitcoin near $38,000. However, ETH price seems to be facing a strong resistance near the $2,320 zone.
The bulls made a couple of attempts to gain strength above $2,320, but they failed. A high was formed near $2,346 and the price is now correcting gains. It traded below the 23.6% Fib retracement level of the upward move from the $2,153 swing low to $2,346 high.
The bulls are now protecting the $2,280 level. There is also a key bullish trend line forming with support near $2,280 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
The next key support is near the $2,250 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the upward move from the $2,153 swing low to $2,346 high. The main support is now near the $2,220 and $2,200 levels.
A clear downside break below the $2,200 support zone could set the pace for a larger decline. The next major support could be near the $2,120 level, followed by the main $2,050 support zone.
Upside Break in ETH?
If Ethereum remains stable $2,220, it could attempt an upside break. An immediate resistance on the upside is near the $2,320 level.
A clear break and close above $2,320 could set the pace for a larger increase. In the stated case, the price could easily rise towards the $2,400 level. The next key resistance is near the $2,450 level, above which the price might test $2,500 in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now struggling to stay above the 50 level.
Major Support Level – $2,220
Major Resistance Level – $2,320

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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