The Ethereum price started to fall again and traded below $2,300. ETH is now consolidating above $2,250 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.
- A bearish trendline is forming with resistance at $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it remains above the $2,320 zone.
Ethereum price faces resistance
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.
The price even traded below $2,265. A low was formed at $2,256, 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 $2,382 swing high to the $2,256 low.
The Ethereum price is now trading below $2,300 and the 100-hourly Simple Moving Average. Furthermore, a bearish trendline is forming with resistance at $2,300 on the hourly chart of ETH/USD.
If the bulls continue to act above $2,250, the price could rise again. Immediate resistance is seen near the $2,300 level and the trendline. The first major resistance is near the $2,320 level or the 50% Fib retracement level of the downward move from the $2,382 swing high to the $2,256 low.
The next major resistance is around the $2,335 level. A clear move above the USD 2,335 resistance could send the price towards the USD 2,375 resistance. An upside break above the $2,375 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $2,420 or even $2,440 in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,320 resistance, it could trigger another decline. The initial downside support is near the $2,265 level. The first major support is near the $2,250 zone.
A clear move below the USD 2,250 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 losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,250
Major resistance level – $2,320