Ethereum Faces Hurdles, Here’s What Could Trigger Strong Recovery

Ethereum extended its decline and traded close to the $1,700 zone against the US Dollar. ETH price is recovering, but it is facing a strong resistance near $2,200.

Ethereum extended its decline below the $2,000 and $1,800 support levels.
The price is well below the $2,500 level and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $2,200 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear $2,200 and $2,400 to start a decent recovery in the near term.

Ethereum Price is Facing a Major Resistance
Ethereum failed to stay above the $2,000 support level and it extended its decline. ETH even broke the $1,800 level and it settled well below the 100 hourly simple moving average.
It traded as low as $1,731 and recently started an upside correction. Ether climbed above the $1,800 and $1,850 resistance levels. There was a break above the 50% Fib retracement level of the recent decline from the $2,495 swing high to $1,731 low.
However, it is now facing a strong resistance near the $2,200 level. There is also a major bearish trend line forming with resistance near $2,200 on the hourly chart of ETH/USD.

Source: ETHUSD on
The trend line is close to the 61.8% Fib retracement level of the recent decline from the $2,495 swing high to $1,731 low. A clear break above the trend line resistance could set the pace for a strong move above $2,200. The next key resistance is near $2,400 and the 100 hourly simple moving average. Any more gains could lead the price towards the $2,800 level.
Fresh Decline in ETH?
If Ethereum fails to continue higher above the $2,200 and $2,400 resistance levels, it could start another decline. An initial support on the downside is near the $2,000 level.
The first key support is near the $1,800 level. The main support is now forming near the $1,700 level and a connecting support trend line. Any more losses could trigger a larger decline towards $1,500 in the coming sessions. The next major support is near the $1,200 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is struggling to stay above the 50 level.
Major Support Level – $2,000
Major Resistance Level – $2,200

Ora Goodwin
Ora Goodwin
I am a well-known and respected author in the cryptocurrency field. I have been writing about Bitcoin and other digital currencies for over 5 years, and my work has appeared in some of the most respected publications in the space. I am also a regular speaker at industry events, and my insights into the crypto market are highly sought after by both media and investors. In addition to my writing and speaking engagements, I am also an active advisor to several blockchain startups, and I sit on the board of directors for the Blockchain Education Network.

Similar Articles

Most Popular

Rollups: Enhancing Scalability for Ethereum and Other Blockchains

In recent years, blockchain technology has gained significant attention for its potential to revolutionize various industries. However, as the adoption of blockchain applications continues...

EHP Technology Is Scientifically Proven By Globally Renowned Institutions

Every new technological development or creation can only gain mainstream traction if it has been verified by relevant authorities to do what it claims...

Securing DeFi Infrastructure: Key Considerations for Developers

With the rapid rise of decentralized finance (DeFi), it has become crucial for developers to prioritize the security of DeFi infrastructure. DeFi offers a...

Environmental Impact of NFTs and its Security Implications

In recent years, Non-Fungible Tokens (NFTs) have gained immense popularity in the world of art, collectibles, and digital assets. However, along with their rise...

Centralized Exchanges (CEX) vs. Decentralized Exchanges (DEX)

Cryptocurrency exchanges play a vital role in the world of digital assets, facilitating the buying, selling, and trading of various cryptocurrencies. When it comes...

Enhancing Transparency and Trust with Smart Contracts

In today's digital age, where trust and transparency are crucial elements for successful business transactions, smart contracts have emerged as a groundbreaking solution. With...

Tune.FM’s New Music NFT Marketplace Will Disrupt the Music Industry

MIAMI, FL, May 04, 2023 - Tune.FM, the groundbreaking web3 decentralized music streaming platform and music NFT marketplace, announces the launch of its music...

Liquidity Pools: Boosting DeFi Growth and Adoption

Decentralized finance (DeFi) has taken the financial world by storm in recent years, and one of its key features is liquidity pools. Liquidity pools...