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Ethereum price extended its decline below the USD 2,450 level. ETH is now consolidating and could struggle to recover above the USD 2,425 level.
- Ethereum fell further and traded below the $2,400 zone.
- The price is trading below $2,420 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $2,425 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to stay above the $2,350 support for another move higher in the near term.
Ethereum price holds support
Ethereum price remained in a bearish zone and extended losses below the USD 2,550 level. ETH traded below the USD 2,450 support to enter a bearish zone like Bitcoin. There was also a move below the USD 2,400 level.
A low was formed near USD 2,352 and the price is now consolidating losses. There was a small increase above the USD 2,365 level. The price is still below the 23.6% Fib retracement level of the downward move from the $2,655 swing high to the $2,352 low.
Ethereum price is now trading below $2,420 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 2,420 level. A connecting bearish trendline is also forming with resistance at $2,425 on the hourly chart of ETH/USD.
The first major resistance is near the $2,500 level or the 50% Fib retracement level of the downward move from the $2,655 swing high to the $2,352 low. The next major resistance is near USD 2,535.
An upside break above the USD 2,535 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,650 resistance zone in the short term. The next hurdle is near the USD 2,680 or USD 2,665 level.
Lose more in ETH?
If Ethereum fails to clear the USD 2,420 resistance, it could continue falling. The initial downside support is near the USD 2,350 level. The first major support is near the $2,320 zone.
A clear move below the USD 2,320 support could push the price towards USD 2,250. Any further losses could send the price towards the USD 2,150 support level in the near term. The next major support is at $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 – $2,350
Major resistance level – $2,420