The Ethereum price started to fall again and traded below $2,350. ETH is now consolidating above $2,265 and is struggling to recover.
- Ethereum started a downward correction from the $2,400 zone.
- The price is trading below $2,350 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $2,310 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it remains above the $2,350 zone.
Ethereum price cuts gains
Ethereum’s price failed to hold steady above $2,380 and started a downward correction, just like Bitcoin. ETH price fell below the USD 2,365 and USD 2,350 levels.
The price even peaked below $2,300. A low was formed at $2,264, 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 $2,404 swing high to the $2,264 low.
The Ethereum price is now trading below $2,300 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 $2,310 level. A bearish trendline is also forming with resistance at $2,310 on the hourly chart of ETH/USD.
The first major resistance is near the $2,335 level and the 50% Fib retracement level of the downward move from the $2,404 swing high to the $2,264 low. 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 USD 2,500 or even USD 2,550 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 2,310 resistance, it could trigger another decline. The initial downside support is near the $2,285 level. The first major support is near the $2,265 zone.
A clear move below the USD 2,265 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 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 – $2,265
Major resistance level – $2,350