Ethereum Faces Resistance at $2,200 Amid Recovery Efforts
- Ethereum price has started a recovery wave above the $2,120 zone.
- ETH is consolidating above $2,140 and trading above the 100-hourly Simple Moving Average.
- A bearish trend line is forming resistance at $2,175 on the hourly chart of ETH/USD.
- The first key resistance level is near $2,205, with major support around the $2,065 level.
Ethereum’s price recovery faces challenges as it struggles to clear the $2,200 resistance level despite trading above crucial support zones. The presence of a bearish trend suggests potential declines if resistance levels are not breached.
If Ethereum fails to surpass the $2,175 resistance, it risks a decline towards major support levels like $2,065. This highlights the importance of overcoming current resistances for further upward movement in Ethereum’s price trajectory.
