Ethereum, blocked by $2,150 wall, faces "gates of hell" crisis... "If resistance isn't broken, it's cut in half"

▲ Ethereum (ETH)

Ethereum (ETH) price is attempting a rebound by defending key support levels, but it is struggling to achieve further gains due to being blocked by short-term resistance.

According to CoinTelegraph, a cryptocurrency specialized media outlet, on May 20 (local time), Ethereum price maintained buying pressure above the $2,050 support level, similar to Bitcoin (BTC). After bottoming out, Ethereum price began a recovery above the $2,065 resistance level. It surpassed the 38.2% Fibonacci retracement level of the drop from a high of $2,197 to a low of $2,075. Buyers pushed the price near $2,150, but sellers offered significant resistance.

On Ethereum's hourly chart, a bearish trend line with resistance at $2,120 is forming. Ethereum price is currently trading below $2,120 and the 100-hour Simple Moving Average. If buyers maintain their offensive above $2,075, the price could attempt another rally. The immediate resistance is near $2,120, and the first key resistance is near $2,150 or the 61.8% Fibonacci retracement level of the drop from a high of $2,197 to a low of $2,075.

The next major resistance is near $2,200. If the price clearly breaks above the $2,200 resistance, it could advance to the $2,220 resistance. A successful upward breakout above the $2,220 area could lead to further gains in the coming days. In this scenario, Ethereum has the potential to rise to the $2,300 resistance zone or even $2,315 in the short term.

On the other hand, if Ethereum fails to break through the $2,150 resistance, a new downtrend could begin. In case of a decline, initial support is near $2,085, and the first major support is formed in the $2,075 area.

If it clearly falls below the $2,075 support, the price could drop to the $2,020 support. If further losses occur, the price could head towards the $2,000 area, with the final major support likely to be $1,940. A NewsBTC article diagnosed that Ethereum's future direction depends on whether it breaks through the short-term resistance.

*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.*