Ethereum price started a downward correction below $2,350. ETH is now showing some bearish signs and could fall further if it trades below $2,265.
- Ethereum started a downward correction below the $2,365 zone.
- The price is trading below $2,320 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $2,315 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it remains below the $2,325 zone.
Ethereum price continues to fall
Ethereum’s price failed to stay above the $2,350 zone and continued its decline, just like Bitcoin. ETH price rose at a pace and fell below the USD 2,320 and USD 2,300 levels.
The bears pushed the price below the 50% Fib retracement level of the upward move from the $2,220 swing low to the $2,423 high. Finally, the bulls appeared around $2,265. Additionally, a bearish trendline is forming with resistance at $2,315 on the hourly chart of ETH/USD.
Ethereum price is now trading below $2,320 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,265, the price could rise again. Immediate resistance is seen around the $2,300 level. The first major resistance is near the $2,320 level.
The next major resistance is around the $2,350 level. A clear move above the USD 2,350 resistance could send the price towards the USD 2,400 resistance. An upside break above the $2,400 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $2,440 or even $2,450 in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,320 resistance, it could trigger another decline. Initial downside support is near the $2,265 level and the 76.4% Fib retracement level of the upward move from the $2,220 swing low to the $2,423 high. The first major support is near the $2,240 zone.
A clear move below the USD 2,240 support could push the price towards the USD 2,220 support. Any further losses could send the price towards $2,200. The main support could be at $2,150.
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 – $2,265
Major resistance level – $2,320