The Ethereum price started to fall again and traded below $2,350. ETH is now consolidating above $2,285 and may struggle to recover.
- Ethereum started a downward correction from the $2,425 zone.
- The price is trading below $2,365 and the 100-hourly Simple Moving Average.
- There was a break below a bullish trendline with support at $2,340 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it remains above the $2,255 zone.
Ethereum price cuts gains
The price of Ethereum failed to hold steady above $2,385 and began a downward correction, causing it to lag behind Bitcoin. ETH price fell below the USD 2,365 and USD 2,350 levels.
There was a break below a bullish trendline with support at $2,340 on the hourly chart of ETH/USD. The pair traded as low as $2,286 and is currently consolidating losses. There was a small move above the 23.6% Fib retracement level of the downward move from the $2,423 swing high to the $2,286 low.
Ethereum price is now trading below $2,365 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,285, the price could rise again. Immediate resistance is seen near the $2,355 level and the 50% Fib retracement level of the downward move from the $2,423 swing high to the $2,286 low.
The first major resistance is around the $2,385 level. The next major resistance is around the $2,425 level. A clear move above the USD 2,425 resistance could send the price towards the USD 2,450 resistance. An upside break above the $2,450 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,510 or even USD 2,550 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 2,385 resistance, it could trigger another decline. The initial downside support is near the $2,285 level. The first major support is near the $2,255 zone.
A clear move below the USD 2,255 support could push the price towards the USD 2,200 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 – $2,255
Major resistance level – $2,425