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Ethereum faces a strong resistance near $2300 and $2400

Apr 19, 2021 Forex News

After the price of Ethereum reached a high of $2548 on April 16, it began a short-term correction and dropped to the area of 2350. But after a new attempt to rise above $2500, we saw a new bearish correction. The pair of ETH/USD dropped below the levels of 2400, 2300, 2200, and 2100. The pair stopped its decline by only around $2052. As a result, the pair dropped below the 100-hour moving average. At the time of publication, the ETH/USD pair managed to rise above $2200 and is trading around $2250.

The situation showed that the main resistance formed between the level of 2300 and the moving average located in the area of 2350. If in the near future we see a successful close above the 2300 level, the ETH/USD pair will find itself in the resistance zone. A successful close above 2350 will bring the ETH/USD pair back into the green zone and continue to rise.

If the bulls do not have enough strength to overcome the level of 2300, there is a risk of a new decline. In this case, the initial support is in the area of ​​2200. Further, the level of 2175 will provide support in case of activation of bears. A successful break below $2175 could open doors for a move towards key support of 2100 in the coming sessions.