Ethereum Price Faces Downside Risk, Bears Prepare for Fresh Move
Ethereum price started a recovery wave above the $2,120 zone. ETH is now consolidating above $2,140 and is struggling to clear the $2,200 resistance. The next major resistance is near the $2,250 level. A clear move above the $2,250 resistance might send the price toward the $2,300 resistance. An upside break above the $2,300 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,345 resistance zone or even $2,365 in the near term. If Ethereum fails to clear the $2,175 resistance, it could start a fresh decline. Initial support on the downside is near the $2,120 level. The first major support sits near the $2,100 zone. A clear move below the $2,100 support might push the price toward the $2,065 support. Any more losses might send the price toward the $2,020 region. The main support could be $2,000. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,065 Major Resistance Level – $2,175Another Drop In ETH?
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