The Ethereum price started to fall again and traded below $2,300. ETH is now consolidating above $2,250 and may struggle to recover.
- Ethereum started a downward correction below the $2,320 zone.
- The price is trading below $2,320 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 extends losses
Ethereum’s price failed to hold steady above $2,330 and started a downward correction, just like Bitcoin. ETH price fell below the USD 2,320 and USD 2,300 levels.
The price even peaked below $2,265. A low was formed at $2,256, 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 $2,256 low.
The Ethereum price is now trading below $2,300 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,250, the price could rise again. Immediate resistance is seen around the $2,300 level. A bearish trendline is also forming with resistance at $2,300 on the hourly chart of ETH/USD.
The first major resistance is near the $2,330 level and the 50% Fib retracement level of the downward move from the $2,404 swing high to the $2,256 low. The next major resistance is around the $2,370 level. A clear move above the USD 2,370 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 2,300 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 $2,155. 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 – $2,330