Ethereum, Stuck at $2,320..."Thought it was a rebound, but it hesitated again"

▲ Ethereum (ETH)/AI Generated Image

Ethereum (ETH) is trapped below the $2,320 resistance level, rapidly cooling short-term recovery expectations. A technical warning has emerged that if the $2,260 support level breaks, downward pressure could increase, potentially leading to $2,220, then $2,150, and even $2,120.

According to NewsBTC on May 15 (local time), Ethereum attempted a recovery from the $2,235 zone and rebounded above $2,280 but failed to break the $2,320 resistance level. Ethereum is currently moving below $2,300 and the 100-hour Simple Moving Average, and an ascending trend line has formed around $2,260 as support on the hourly chart.

Ethereum maintained buying pressure above the $2,220 support zone and created a recovery trend by breaking above the $2,265 resistance level. It also broke the Fibonacci 50% retracement level from the high of $2,382 to the low of $2,233 in the downtrend. However, selling pressure intensified again around $2,320, and the price was pushed below $2,300.

For a bullish resumption, Ethereum must first recover $2,300 and then break through $2,320. $2,320 is presented as the first key resistance level and the Fibonacci 61.8% retracement level of the decline from the $2,382 high to the $2,233 low. If this zone is clearly broken, the next resistance level is $2,380, and if it then surpasses $2,420, there could be further upside potential to $2,500 and $2,550.

Conversely, if it fails to break $2,320, Ethereum could revert to a downtrend. The first support level on the downside is $2,260, and the first major support zone is $2,250. If it clearly drops below $2,250, the $2,220 support level will act as the next defense, and if further losses continue, the correction could extend to around $2,150. The key support level is presented as $2,120.

Technical indicators also weigh on a short-term bearish trend. Ethereum's hourly Moving Average Convergence Divergence (MACD) is building downward momentum in the bearish zone, and the hourly Relative Strength Index (RSI) has also fallen below 50. Key support is narrowed down to $2,250, and key resistance to $2,320. The Ethereum market has entered a pressure zone that will determine its short-term direction, as the failure to break $2,320 coincides with the risk of falling below $2,250.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*