Ethereum price extended losses and tested the USD 2,150 support. ETH is struggling to recover and could continue falling towards the $2,000 support zone.
- Ethereum started a fresh decline below the USD 2,350 and USD 2,250 levels.
- The price is trading below $2,250 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $2,240 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair will attempt a fresh rise as it reaches the USD 2,240 and USD 2,280 levels.
Ethereum price extends losses
Ethereum price remained in a bearish zone below the USD 2,400 pivot level. ETH extended its decline and, like Bitcoin, traded below the USD 2,250 support level.
It even spiked below the $2,000 level. A new weekly low was formed near USD 2,165 and the price is now consolidating losses. There was a small increase above the USD 2,220 level. The price tested the 23.6% Fib retracement level of the downward wave from the $2,480 swing high to the $2,165 low.
Ethereum is now trading below $2,250 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance around the $2,240 level. There is also a major bearish trendline forming with resistance around $2,240 on the hourly chart of ETH/USD.
The next hurdle could be USD 2,280, above which the price could aim for a decent recovery. The next major resistance now lies near $2,360 or the 61.8% Fib retracement level of the downwave from the $2,480 swing high to the $2,165 low.
Source: ETHUSD on TradingView.com
A clear move above the USD 2,360 level could trigger a significant upside. In the mentioned case, the price could rise to the $2,415 level. Any further gains could send the price towards the $2,550 zone.
Lose more in ETH?
If Ethereum fails to clear the USD 2,440 resistance, it could trigger another decline. The initial downside support is near the $2,200 level.
The next major support could be the $2,165 zone. A downside break below the USD 2,165 support could push the price further down. In the said case, Ether could test the USD 2,120 support. Any further losses could send the price towards the USD 2,000 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $2,165
Major resistance level – $2,480
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