Ethereum price extended its decline below USD 2,220 and USD 2,200. ETH is now trying to recover from USD 2,000 but faces many hurdles near USD 2,250.
- Ethereum failed to stay above $2,300 and started a new decline.
- The price is trading below $2,265 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $2,250 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,350 zone.
Ethereum price faces resistance
Ethereum’s price failed to hold steady above $2,320 and extended losses, just like Bitcoin. ETH price traded below $2,220 to enter a bearish zone.
The bears even pushed the price below $2,200. A low was formed at $2,107 and the price is now trying to recover. There was a move above $2,220. The price tested the 23.6% Fib retracement level of the downward move from the $3,040 swing high to the $2,107 low.
However, the bears are active around $2,265. There is also a major bearish trendline forming with resistance at $2,250 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,265 and the 100-hourly Simple Moving Average.
If the bulls continue to act above $2,175, the price could rise again. Immediate resistance is seen around the $2,250 level. The first major resistance is near the $2,265 level. The next major resistance is around the $2,460 level. A clear move above the $2,460 resistance could send the price towards the $2,575 resistance or towards the 50% Fib retracement level of the downward move from the $3,040 swing high to the $2,107 low.
An upside break above the $2,575 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,680 or even USD 2,700 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,265 resistance, it could trigger another decline. The initial downside support is near the $2,200 level. The first major support is near the $2,175 zone.
A clear move below the USD 2,175 support could push the price towards the USD 2,120 support. Any further losses could send the price towards $2,050. The main support could be $2,000.
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 – $2,175
Major resistance level – $2,265