Ethereum Price Update: Bulls Struggle as ETH Hits New Resistance

Ethereum (ETH) recently initiated a recovery wave above the $2,110 zone, mirroring positive movements in the broader crypto market. However, the momentum appears to be waning as the asset enters a consolidation phase, facing significant hurdles near the $2,150 resistance level.

Resistance Levels and Technical Outlook

After forming a stable base above $2,065, Ethereum managed to surpass the 50% Fib retracement level of its previous downward move. Despite this bounce, ETH is currently trading below the 100-hourly Simple Moving Average. Technical indicators show a mixed signal; while the Hourly MACD is gaining pace in the bullish zone and the RSI remains above 50, the price continues to struggle with immediate resistance at $2,140 and $2,150.

Potential for Further Volatility

The path forward for Ethereum depends heavily on its ability to clear the $2,150 barrier. A successful break above this point, followed by a move past $2,175, could open the doors for a rally toward $2,250 or even $2,265. Conversely, if ETH fails to overcome these fresh resistance levels, a new decline could be triggered. Initial support on the downside is located near $2,120, with a more substantial safety net sitting at the $2,080 and $2,000 psychological marks.