Ethereum price extended losses and tested the USD 2,350 support. ETH is now consolidating and could aim for a fresh rise above the USD 2,400 resistance.
- Ethereum started a downward correction below the $2,400 zone.
- The price is trading just above $2,420 and the 100-hourly Simple Moving Average.
- There was a break below a short-term ascending channel with support at $2,425 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to remain above the $2,350 support level for renewed upside in the near term.
Ethereum price continues to fall
Ethereum price failed to start a new increase above the USD 2,500 resistance zone. ETH remained in a bearish zone like Bitcoin and traded below the $2,420 support zone.
There was also a move below the USD 2,400 level. There was a break below a short-term ascending channel with support at $2,425 on the hourly chart of ETH/USD. The price tested the $2,350 support zone. A low was formed at $2,350 and the price is now rising.
There was a move above the USD 2,350 and USD 2,360 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,467 swing high to the $2,350 low.
Ethereum price is now trading below $2,425 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,400 level or the 50% Fib retracement level of the downward move from the $2,467 swing high to the $2,350 low at $2,410.
A clear move above the USD 2,410 resistance could send the price towards the USD 2,450 resistance. An upside break above the USD 2,450 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,550 resistance zone in the short term. The next hurdle is near the $2,600 level or $2,620.
Lose more in ETH?
If Ethereum fails to clear the USD 2,410 resistance, it could trigger another decline. The initial downside support is near the $2,365 level. The first major support is near the $2,350 zone.
A clear move below the USD 2,350 support could push the price towards USD 2,300. Any further losses could send the price towards the USD 2,250 support level in the near term. The next major support is at $2,120.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $2,350
Major resistance level – $2,410