Ethereum price started a fresh decline from the $2,350 resistance zone. ETH is now consolidating losses and might extend losses toward the $2,000 support.
Ethereum is facing an increase in selling below the $2,350 zone.
The price is trading below $2,250 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $2,260 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a decent recovery wave if it settles above $2,250 and $2,350.
Ethereum Price Dips Further
Ethereum price failed to clear the $2,450 resistance zone and started a fresh decline, like Bitcoin. ETH gained pace below the $2,350 and $2,320 support levels to move further in a bearish zone.
The price declined over 5% and even traded below the $2,220 support zone. A low was formed at $2,123 and the price is now consolidating losses. It is showing many bearish signs below the 23.6% Fib retracement level of the downward wave from the $2,520 swing high to the $2,123 low.
Ethereum price is now trading below $2,250 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $2,260 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,220 level. The first major resistance is near the $2,250 level or the trend line and the 50% Fib retracement level of the downward wave from the $2,520 swing high to the $2,123 low.
The main resistance is now forming near $2,350. A clear move above the $2,360 resistance might send the price toward the $2,450 resistance. An upside break above the $2,450 resistance might call for more gains in the coming sessions. 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 $2,250 resistance, it could start another decline. Initial support on the downside is near the $2,120 level. The first major support sits near the $2,050 zone.
A clear move below the $2,050 support might push the price toward the $2,000 support. Any more losses might send the price toward the $1,880 support level in the near term. The next key support sits at $1,750.
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 – $2,120
Major Resistance Level – $2,260
