Ethereum extended its decline and traded near the $ 1,700 zone against the US Dollar. ETH price is recovering, but faces strong resistance around $ 2,200.

 

 

Ethereum is resisting

Ethereum pulled its decline below the $ 2,000 and $ 1,800 support levels.

The price is trading well below the $ 2,500 level and the 100 hourly simple moving average.

There is a major bearish trend line showing resistance near $ 2,200 on the hourly chart of ETH / USD.

The pair needs to clear $ 2,200 and $ 2,400 to start a good recovery in the near term.

If Ethereum cannot continue above the $ 2,200 and $ 2,400 resistance levels, it could initiate another decline. Initial downside support is near the $ 2,000 level.

The first major support is near the $ 1,800 level. The main support is currently near the $ 1,700 level. Further losses could trigger a larger drop 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 decelerating in the bullish zone.

Hourly RSI – The RSI for ETH / USD is trying to stay above the 50 level.

Major Support Level – $ 2,000.

Major Resistance Level – $ 2,200.

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