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Ethereum price fell below the USD 2,420 and USD 2,400 support levels. ETH tested $2,300 and is now showing signs of a decent recovery.
- Ethereum is trying to stage a recovery from the $2,300 zone.
- The price is trading below $2,500 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $2,440 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to overcome the $2,500 resistance to achieve steady upside in the near term.
Ethereum price drops again
Ethereum price extended losses below the USD 2,420 level. ETH was even trading below the $2,400 support before the bulls appeared. A low was formed at $2,308 and the price is now trying to make a recovery wave just like Bitcoin.
There was a move above the USD 2,320 and USD 2,350 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $2,564 swing high to the $2,308 low, but there are many hurdles on the upside.
The Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 2,440 level. It is close to the 50% Fib retracement level of the downward wave from the $2,564 swing high to the $2,308 low.
There is also a major bearish trendline forming with resistance at $2,440 on the hourly chart of ETH/USD. The first major resistance is around the $2,500 level. A close above the USD 2,500 level could send Ether towards the USD 2,550 resistance. The next major resistance is near USD 2,650. An upside break above the USD 2,650 resistance could send the price higher towards the USD 2,800 resistance zone in the near term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,440 resistance, it could trigger another decline. The initial downside support is near USD 2,320. The first major support is near the $2,300 zone.
A clear move below the USD 2,300 support could push the price towards USD 2,250. Any further losses could send the price towards the USD 2,120 support level in the near term. The next major support is at $2,040.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $2,300
Major resistance level – $2,440
