Ethereum price is declining below the USD 2,250 support zone. ETH is now at risk of more downside below the USD 2,120 support zone.
- Ethereum struggled to initiate a fresh rise above the USD 2,250 resistance.
- The price is trading below $2,250 and the 100-hourly Simple Moving Average.
- A major descending channel is forming with resistance near $2,225 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it falls below the $2,120 support zone.
Ethereum price takes a hit
Ethereum price tried to rise again above the USD 2,120 and USD 2,150 levels. ETH even climbed above the USD 2,200 level, but the bears were active around the USD 2,250 level. A high was reached around $2,252 and the price started a new decline, just like Bitcoin.
There was a move below the $2,200 support zone. The price fell below the 23.6% Fib retracement level of the upward move from the $1,980 swing low to the $2,252 high.
Ethereum is now trading below $2,250 and the 100-hourly Simple Moving Average. A major descending channel is also forming with resistance near $2,225 on the hourly chart of ETH/USD. If another rise occurs, the pair could face resistance around the $2,200 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $2,225 level or channel trendline. The main resistance is still around $2,250. A clear move above the USD 2,250 zone could send the price towards the USD 2,300 level. The next resistance is at $2,350. Any further gains could trigger a wave towards the USD 2,500 level.
Lose more in ETH?
If Ethereum fails to clear the USD 2,225 resistance, it could continue falling. The initial downside support is near the $2,120 level or the 50% Fib retracement level of the upward move from the $1,980 swing low to the $2,252 high.
The next major support is at USD 2,045. The main support is now near $2,000. A downward break below $2,000 could trigger another big decline. In the said case, Ether could revisit the USD 1,880 support. Further losses could require a test of the $1,820 support zone 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 50 level.
Major support level – $2,120
Major resistance level – $2,225
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