The Ethereum price started to fall again and traded below $2,265. ETH is now consolidating above $2,220 and may struggle to recover.
- Ethereum started a downward correction below the $2,265 zone.
- The price is trading below $2,280 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $2,285 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it remains below the $2,300 zone.
Ethereum price extends losses
The price of Ethereum did not remain stable above $2,300 and, like Bitcoin, started a new decline. ETH price fell below the USD 2,280 and USD 2,265 levels.
The price even traded below $2,250. A low was formed at $2,233, 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 $2,322 swing high to the $2,233 low.
Ethereum price is now trading below $2,280 and the 100-hourly Simple Moving Average. Additionally, a bearish trendline is forming with resistance at $2,285 on the hourly chart of ETH/USD.
If the bulls continue to act above $2,220, the price could rise again. Immediate resistance is seen around the $2,265 level. The first major resistance is near the $2,285 level or the 61.8% Fib retracement level of the downward move from the $2,322 swing high to the $2,233 low and the trendline.
The next major resistance is around the $2,320 level. A clear move above the USD 2,320 resistance could send the price towards the USD 2,350 resistance. An upside break above the $2,350 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,400 or even USD 2,420 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,285 resistance, it could trigger another decline. The initial downside support is near the USD 2,250 level. The first major support is near the $2,220 zone.
A clear move below the USD 2,220 support could push the price towards the USD 2,180 support. Any further losses could send the price towards $2,120. The main support could be at USD 2,080.
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 – $2,220
Major resistance level – $2,285