The Ethereum price started to fall again and traded below $2,350. ETH is now consolidating above $2,250 and may struggle to recover.
- Ethereum started a downward correction from the $2,465 zone.
- The price is trading below $2,350 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 $2,250 zone.
Ethereum price drops again
Ethereum’s price failed to hold steady above $2,420 and started a downward correction, just like Bitcoin. ETH price fell below the USD 2,400 and USD 2,350 levels.
The pair traded as low as $2,253, and is currently consolidating losses below the 23.6% Fib retracement level of the downward move from the $2,465 swing high to the $2,253 low. A bearish trendline is also forming with resistance at $2,300 on the hourly chart of ETH/USD.
The Ethereum price is now trading below $2,350 and the 100-hourly Simple Moving Average. 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 $2,335 level. The next major resistance is near the $2,360 level or the 50% Fib retracement level of the downward move from the $2,465 swing high to the $2,253 low.
A clear move above the USD 2,360 resistance could send the price towards the USD 2,415 resistance. An upside break above the $2,415 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $2,465 or even $2,500 in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,360 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 2,200 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 gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $2,250
Major resistance level – $2,360