Ethereum price extended its decline below USD 2,420 and USD 2,300. ETH is now trying to recover from USD 2,150 but faces many hurdles near USD 2,365.
- Ethereum failed to stay above $2,350 and started a new decline.
- The price is trading below $2,350 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $2,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,400 zone.
Ethereum price looks set for another decline
Ethereum’s price failed to hold steady above $2,500 and extended losses, just like Bitcoin. ETH price traded below $2,420 to enter a bearish zone.
The bears even pushed the price below $2,200. A low was formed at $2,155 and the price is now trying to recover. There was a move above $2,250. The price tested the 23.6% Fib retracement level from the recent decline from the $3,040 swing high to the $2,155 low.
However, the bears are active around $2,365. There is also a major bearish trendline forming with resistance at $2,350 on the hourly chart of ETH/USD. The Ethereum price is now trading below $2,350 and the 100-hourly Simple Moving Average.
If the bulls continue to act above $2,250, the price could rise again. Immediate resistance is seen around the $2,350 level. The first major resistance is around the $2,365 level. The next major resistance is around the $2,450 level. A clear move above the $2,450 resistance could send the price towards the $2,600 resistance, or towards the 50% Fib retracement level from the recent decline from the $3,040 swing high to the $2,155 low.
An upside break above the $2,600 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,700 or even USD 2,720 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,365 resistance, it could trigger another decline. The initial downside support is near the USD 2,250 level. The first major support is near the $2,220 zone.
A clear move below the USD 2,220 support could push the price towards the USD 2,150 support. Any further losses could send the price towards $2,120. The main support could be $2,000.
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 zone.
Major support level – $2,220
Major resistance level – $2,365