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Ether’s pricing has hit a wall, having difficulties rising above the $2,300 resistance level. This struggle is postulated to be due to a number of factors including consistent resistance at the $2,280 and $2,300 levels, combined with a larger bearish trend in the Ethereum/USD market. The marital price of ETH is below $2,300 and the 100-hourly Simple Moving Average. There are predictions that there could be a new decrease if it continues to linger below this resistance region.
Ethereum began a recovery wave that went over the $2,120 level, similar to Bitcoin. It managed to rise above the $2,200 and $2,220 resistance levels. However, resistance near $2,300 and the 100-hourly Simple Moving Average (SMA) meant it fell again. The price could not exceed the 76.4% Fib retracement level from the downward move from the $2,430 high to the $1,860 low. Currently, Ethereum is below $2,300 and the 100-hourly SMA, but above the 23.6% Fib retracement level from the upwards move from the $1,860 low to the $2,289 high. Going forward, if Ethereum cannot overcome the $2,300 resistance, there might be a fresh decline in price.
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