Ethereum price started a fresh decline and traded below $2,350. ETH is now consolidating above $2,265 and might struggle to recover.
- Ethereum started a downside correction from the $2,400 zone.
- The price is trading below $2,350 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $2,310 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it stays above the $2,350 zone.
Ethereum Price Trims Gains
Ethereum price failed to remain stable above $2,380 and started a downside correction, like Bitcoin. ETH price dipped below the $2,365 and $2,350 levels.
The price even spiked below $2,300. A low was formed at $2,264, and the price is now consolidating losses. There was a minor upward move above the 23.6% Fib retracement level of the downward move from the $2,404 swing high to the $2,264 low.
Ethereum price is now trading below $2,300 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,265, the price could attempt another increase. Immediate resistance is seen near the $2,310 level. There is also a bearish trend line forming with resistance at $2,310 on the hourly chart of ETH/USD.
The first key resistance is near the $2,335 level and the 50% Fib retracement level of the downward move from the $2,404 swing high to the $2,264 low. The next major resistance is near the $2,350 level. A clear move above the $2,350 resistance might send the price toward the $2,400 resistance. An upside break above the $2,400 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,500 resistance zone or even $2,550 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $2,310 resistance, it could start a fresh decline. Initial support on the downside is near the $2,285 level. The first major support sits near the $2,265 zone.
A clear move below the $2,265 support might push the price toward the $2,220 support. Any more losses might send the price toward the $2,200 region. The main support could be $2,120.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,265
Major Resistance Level – $2,350
Credit: Source link
