Ethereum price is falling again against the USD 2,325 resistance. ETH could fall heavily if a move occurs below the $2,270 support zone.
- Ethereum is showing some bearish signs from the $2,325 zone.
- The price is trading below $2,300 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it manages to break the $2,325 resistance zone.
Ethereum price struggles below $2,325
Ethereum price tried to rise again above the USD 2,300 level. However, ETH faced strong selling interest near the $2,325 zone. A high was reached around $2,327 and the price began to decline again, just like Bitcoin.
There was a move below the $2,300 support zone. The price even spiked below $2,280 and traded below the 50% Fib retracement level of the upward move from the $2,241 swing low to the $2,327 high. Ethereum is now trading below $2,300 and the 100-hourly Simple Moving Average.
The bulls are now protecting the $2,270 support or the 61.8% Fib retracement level of the upward move from the $2,241 swing low to the $2,327 high. On the upside, the first major resistance is around the $2,300 level. There is also a major bearish trendline forming with resistance around $2,300 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The next major resistance is near USD 2,325, above which the price could rise and test the USD 2,380 resistance. If the bulls push the price above the USD 2,380 resistance, they could target USD 2,440. A clear move above the USD 2,440 level could see the price rise further. In the said case, the price could rise to the $2,500 level.
Lose more in ETH?
If Ethereum fails to clear the USD 2,325 resistance, it could trigger another decline. The initial downside support is near the $2,270 level.
The next major support could be the $2,240 zone. A clear move below the USD 2,240 support could send the price towards USD 2,200. The main support could be at USD 2,120. Any further losses could send the price towards the USD 2,080 level.
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 level.
Major support level – $2,240
Major resistance level – $2,325
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