Ethereum price is consolidating gains below the USD 2,350 resistance zone. ETH could revisit the $2,200 support before it starts another surge.
- Ethereum still holds gains above the $2,250 support zone.
- The price is trading below $2,280 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance near $2,290 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue its decline and revisit the $2,200 support zone.
Ethereum price remains within a range
Ethereum price started a downward correction from the $2,350 level. ETH fell below the USD 2,320 and USD 2,300 levels. It even peaked below the USD 2,250 level.
A low was formed near $2,247 and the price is now trying to make a new rise just like Bitcoin. There was a move above the USD 2,265 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,327 swing high to the $2,247 low.
Ethereum is now trading below $2,280 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance around the $2,290 level. There is also a connecting bearish trendline forming with resistance around $2,290 on the hourly chart of ETH/USD.
The trendline is close to the 50% Fib retracement level of the downward move from the $2,327 swing high to the $2,247 low. A close above the USD 2,290 resistance could send the price towards USD 2,320.
Source: ETHUSD on TradingView.com
The main resistance is at $2,350. A clear move above the $2,350 zone could trigger a big upside. The next resistance is at $2,420, above which Ethereum could rise and test the $2,550 zone.
Lose more in ETH?
If Ethereum fails to clear the USD 2,290 resistance, it could trigger another decline. The initial downside support is near the USD 2,250 level.
The first major support could be the $2,220 zone. A downside break and a close below $2,220 could lead to more bearish moves. In the said case, Ether could revisit the USD 2,120 support. Any further losses could send the price towards the USD 2,040 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $2,220
Major resistance level – $2,290
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.