This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Ethereum price has entered a consolidation phase following a significant decline. In order to initiate a fresh increase, ETH needs to surpass the $2,275 resistance level in the near future.
After testing the $2,000 support zone, Ethereum managed to recover its losses. However, it is currently trading below $2,320 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a bearish trend line is forming with resistance near $2,240.
If the pair manages to clear the $2,250 and $2,275 resistance levels, it could gain bullish momentum. The next key resistance levels to watch out for are $2,300, $2,400, and $2,450. On the downside, initial support is near $2,155, followed by $2,120 and $2,100. A break below $2,100 might lead to another major decline.
Technical indicators suggest that the MACD for ETH/USD is losing momentum in the bearish zone, while the RSI is below the 30 level.