Ethereum’s price took a big hit just like Bitcoin, falling by more than $350. ETH tested the $2,000 support and is currently attempting another increase.
- Ethereum fell more than 8% and broke the USD 2,200 support zone.
- The price is trading below $2,300 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trendline with support near $2,340 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise again unless there is a close below the $2,100 support zone.
Ethereum price took a big hit
Ethereum price climbed further above the USD 2,300 level. ETH even reached the $2,350 level, but the bears remained active near the $2,400 zone. A high was formed around $2,401 and there was a sharp decline like Bitcoin.
The price fell by more than 8% and there was a move below the USD 2,200 level. Additionally, there was a break below a key bullish trendline with support around $2,340 on the hourly chart of ETH/USD. The pair even peaked below the $2,000 support before the bulls appeared.
A low was formed near USD 1,980 and the price is now trying to make a recovery wave. There was a move above the USD 2,150 and USD 2,180 levels. The price climbed above the 50% Fib retracement level of the downward move from the $2,401 swing high to the $1,980 low.
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the $2,275 zone. The next major resistance is near the $2,300 level or the 76.4% Fib retracement level of the downward move from the $2,401 swing high to the $1,980 low. A clear move above the $2,300 zone could send the price towards the $2,400 level. The next resistance is at $2,450. Any further gains could trigger a wave towards the USD 2,500 level.
Another drop in ETH?
If Ethereum fails to clear the USD 2,300 resistance, it could trigger another decline. The initial downside support is near the $2,180 level.
The next major support is at USD 2,120. The main support is now near USD 2,100. A downward break below $2,200 could trigger a prolonged decline. The main support is now at $2,000, below which there is a risk of a move towards the $1,880 level in the near term.
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 30 level.
Major support level – $2,100
Major resistance level – $2,300
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