Ethereum price started a sharp decline from the $2,385 zone. ETH is now consolidating above $2,100 and could target a recovery wave if it rises above $2,200.
- Ethereum started a sharp decline below the $2,320 zone.
- The price is trading below $2,250 and the 100-hourly Simple Moving Average.
- There was a break below a major bullish trendline with support at $2,160 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it crosses the $2,200 zone.
Ethereum price takes a hit
The price of Ethereum did not remain above $2,320 and started a new decline, just like Bitcoin. ETH price fell below USD 2,250 and USD 2,200 and entered a bearish zone for the short term.
There was a break below a major bullish trendline with support at $2,160 on the hourly chart of ETH/USD. The pair even peaked below $2,120. A low was formed at $2,100, and the price is now consolidating losses below the 23.6% Fib retracement level from the recent decline from the $2,385 swing high to the $2,100 low.
The Ethereum price is now trading below $2,200 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,100, the price could rise again. Immediate resistance is seen around the $2,165 level.
The first major resistance is near the $2,200 level and the 100-hourly Simple Moving Average. The next major resistance is near the $2,240 level or the 50% Fib retracement level of the recent decline from the $2,385 swing high to the $2,100 low.
A clear move above the USD 2,240 resistance could send the price towards the USD 2,275 resistance. An upside break above the $2,275 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $2,320 or even $2,385 in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 2,200 resistance, it could trigger another decline. The initial downside support is near the $2,120 level. The first major support is near the $2,100 zone.
A clear move below the USD 2,100 support could push the price towards the USD 2,060 support. Any further losses could send the price towards $2,020. The main support could be $2,000.
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 zone.
Major support level – $2,120
Major resistance level – $2,200