Ethereum Trapped at $2,320... "Thought it was a rebound, but it faltered again"

▲ Ethereum (ETH)/AI-generated image

Ethereum (ETH) is trapped below the $2,320 resistance level, and short-term recovery expectations are quickly fading. 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 trading below $2,300 and the 100-hour simple moving average, and an ascending trend line has formed on the hourly chart with support around $2,260.

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

For an upside resumption, it must first recover $2,300 and then break through $2,320. $2,320 is presented as the first key resistance level and the 61.8% Fibonacci retracement level of the downtrend from the high of $2,382 to the low of $2,233. If this zone is clearly breached, the next resistance level is $2,380, and if it surpasses $2,420 thereafter, further upside potential to $2,500 and $2,550 could open up.

Conversely, if it fails to break above $2,320, Ethereum could turn bearish again. 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 occur, the correction could extend to around $2,150. The key support level is presented as $2,120.

Technical indicators are also weighing on the short-term bearish trend. The hourly Moving Average Convergence Divergence (MACD) for Ethereum is building downward momentum in the bearish zone, and the hourly Relative Strength Index (RSI) has also fallen below 50. The key support level is condensed to $2,250, and the key resistance level to $2,320. The Ethereum market has entered a pressure zone that will determine its short-term direction, as the failure to break above $2,320 is compounded by 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.*