Ethereum (ETH) Faces Resistance to Continue Its Rise Above $2,100, Leading to a Downward Price Correction

Ethereum (ETH) has recently faced difficulties to continue its rise above $2,100, leading to a downward price correction.

The price of Ethereum (ETH) dropped further after struggling to continue rallying and testing the $2,100 resistance. ETH/USD fell below the $2,020 and $2,000 support levels, indicating more selling pressure. The currency is now trading below the $2,040 and the 100-hour simple moving average.

There is also a bearish trend line with resistance at $2,050 formed on the hourly chart of ETH/USD. If Ethereum (ETH) manages to break the $2,100 resistance, there is a possibility that the currency will reach the $2,150 resistance. A further increase above this resistance could trigger further price gains in the coming sessions.

Possibility of Further Decline

If Ethereum (ETH) fails to break the $2,050 resistance, there could be another price drop. Initial support lies near the $2,000 level, with the next major support near the $1,980 zone. A clear drop below the $1,980 support could push the price towards the $1,920 support and the existing trend line.

The loss of this support could send Ethereum (ETH) prices towards the $1,880 support level in the short term. This will be an important indicator for investors to assess the potential for further declines.

Technical Indicators

The hourly Moving Average Convergence Divergence (MACD) indicator for Ethereum (ETH) shows a loss of momentum in the bullish zone. Meanwhile, the hourly Relative Strength Index (RSI) for ETH/USD is now below the 50 zone, signaling the potential for more selling pressure.

The key support level is currently at $2,000, while the key resistance level is $2,050. Ethereum’s (ETH) subsequent price movements will largely depend on how the currency reacts to these technical indicators and the key price zones that have been identified.

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