The Ethereum price started to fall again and traded below $2,265. ETH is now consolidating above $2,220 and may struggle to recover.
- Ethereum started a downward correction below the $2,280 zone.
- The price is trading below $2,300 and the 100-hourly Simple Moving Average.
- There was a break below a rising channel with support at $2,295 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new increase if it remains above the $2,220 zone.
Ethereum price continues to fall
Ethereum’s price failed to hold steady above $2,320 and started a downward correction, just like Bitcoin. ETH price fell below the USD 2,300 and USD 2,280 levels.
There was a break below a rising channel with support at $2,295 on the hourly chart of ETH/USD. The price even spiked to $2,220. A low was formed at USD 2,220, and the price is now consolidating losses. There was a small upward move above the 23.6% Fib retracement level from the downward move from the $2,345 swing high to the $2,220 low.
Ethereum price is now trading below $2,280 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,220, the price could rise again. Immediate resistance is seen around the $2,265 level.
The first major resistance is near the $2,280 level and the 50% Fib retracement level of the downward move from the $2,345 swing high to the $2,220 low. The next major resistance is around the $2,300 level. A clear move above the USD 2,300 resistance could send the price towards the USD 2,345 resistance. An upside break above the $2,345 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,400 or even USD 2,420 resistance zone in the short term.
Disadvantage of continuation in ETH?
If Ethereum fails to clear the USD 2,280 resistance, it could trigger another decline. The initial downside support is near the $2,230 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 2,165 support. Any further losses could send the price towards $2,150. The main support could be at USD 2,120.
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 – $2,280