Ethereum (ETH) is consolidating above the $2,550 support like Bitcoin. The price could face heavy resistance at $2,880 and $3,080.
Ethereum Price Remains Below Key Hurdles
In the past few days, Ethereum remained stable above the $2,550 support zone. ETH was able to recover some losses after a sharp decline toward the $2,090 level. The bulls remained active after the price settled above the $2,550 level.
It also settled above the 23.6% Fib retracement level of the downward move from the $4,094 swing high to the $2,090 low. However, the price is still well below the $3,000 level and 50-day simple moving average (blue).
Ethereum price daily chart | Source: ETH/USD on TradingView.comEthereum is now consolidating and trading near the $2,700 level. If there is a fresh increase, the price might attempt to clear the $2,780 resistance level.
On the upside, the price could face resistance near the $2,800 level. The first major resistance sits near the $2,880 level. The next resistance is near the $3,080 level and the 50-day simple moving average (blue).
There is also a key bearish trend line forming with resistance at $3,080 on the daily chart. It is close to the 50% Fib retracement level of the downward move from the $4,094 swing high to the $2,090 low.
A clear move above the $3,080 level could open the doors for a steady increase toward the $3,320 level. If ETH settles above the $3,320 resistance, there could be a drift toward the $3,620 resistance.
Another Drop In ETH?
If the bears remain in action, there could be more losses in the coming sessions. Immediate support on the downside is near the $2,620 level. The first major support sits near the $2,550 level.
A daily close below the $2,550 level might send ETH further lower. In the stated case, the price could drop and test the $2,360 support. If the bulls fail to defend the $2,360 support, Ethereum might even decline and retest the $2,090 support zone in the coming days.
Overall, Ethereum price is consolidating above the $2,550 support and might attempt another increase. However, the bears might take a strong stand near the $2,880 and $3,080 resistance levels.
The post Ethereum (ETH) Stuck In A Fight—Will It Overcome The Resistance? appeared first on Coinchapter.
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