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2021-07-29 05:08:54

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

Ethereum is struggling to gain pace above $2,300 and $2,320 against the US Dollar. ETH price could decline sharply if there is a break below $2,220. Ethereum is showing a few bearish signs below the $2,320 resistance zone. The price is still above the $2,200 zone and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $2,280 on the hourly chart of ETH/USD (data feed via Kraken). The pair must settle above $2,320 for more upsides in the near term. Ethereum Price is Facing Hurdles Ethereum remained stable above the $2,200 support zone, similar to bitcoin near $38,000. However, ETH price seems to be facing a strong resistance near the $2,320 zone. The bulls made a couple of attempts to gain strength above $2,320, but they failed. A high was formed near $2,346 and the price is now correcting gains. It traded below the 23.6% Fib retracement level of the upward move from the $2,153 swing low to $2,346 high. The bulls are now protecting the $2,280 level. There is also a key bullish trend line forming with support near $2,280 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The next key support is near the $2,250 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the upward move from the $2,153 swing low to $2,346 high. The main support is now near the $2,220 and $2,200 levels. A clear downside break below the $2,200 support zone co...

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