December 6, 2022

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

2 min read

Ethereum is struggling to gain pace above $2,300 and $2,320 against the United States Dollar. ETH rate could decline greatly if there is a break below $2,220.

  • Ethereum is showing a couple of bearish indications listed below the $2,320 resistance zone.
  • The price is still above the $2,200 zone and the 100 per hour easy moving average.
  • There is a key bullish pattern line forming with assistance near $2,280 on the per hour chart of ETH/USD (information feed via Kraken).
  • The pair needs to settle above $2,320 for more advantages in the near term.

Ethereum Price is Facing Hurdles

Ethereum remained steady above the $2,200 support zone, similar to bitcoin near $38,000. However, ETH rate appears to be facing a strong resistance near the $2,320 zone.

The bulls made a number of attempts to get strength above $2,320, however they stopped working. A high was formed near $2,346 and the price is now correcting gains. It traded listed below the 23.6% Fib retracement level of the upward relocation from the $2,153 swing low to $2,346 high.

The bulls are now securing the $2,280 level. There is also a key bullish pattern line forming with assistance near $2,280 on the per hour chart of ETH/USD.

Ethereum Price

 Source: ETHUSD on TradingView.com The next essential assistance

is near the $2,250 level and the 100 per hour easy moving average. It is near the 50% Fib retracement level of the upward relocation from the $2,153 swing low to $2,346 high. The primary support is now near the$ 2,220 and $2,200 levels. A clear disadvantage break below the$2,200 assistance zone might set the rate for a larger decrease. The next major support might be near the$2,120 level, followed by the main $2,050 assistance zone. Benefit Break in ETH? If Ethereum stays steady$2,220, it might try an advantage break. An immediate resistance on the upside is near the$2,320 level. A clear break and close above $2,320 might set the rate for a bigger increase. In the mentioned case, the rate could easily increase towards the $2,400 level. The next crucial resistance is near the $2,450 level, above which the rate might check $2,500 in the near term. Technical Indicators Hourly MACD-- The MACD for ETH/USD is now losing rate 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 Significant Resistance Level--$2,320