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Ethereum price extended losses and traded below the USD 2,500 support. ETH is consolidating and could struggle to recover above the USD 2,500 resistance.
- Ethereum started a new decline from the USD 2,550 resistance zone.
- The price is trading below $2,480 and the 100-hourly Simple Moving Average.
- A new connecting bearish trendline is forming with resistance at $2,445 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a recovery wave if it surpasses the USD 2,445 and USD 2,500 resistance levels.
Ethereum price extends losses
The price of Ethereum struggled to stay above $2,500 and, like Bitcoin, started a new decline. ETH fell below the USD 2,450 and USD 2,420 levels.
It tested the $2,350 support zone. A low was formed at $2,357 and the price is now trying to recover. There was a move above the USD 2,385 resistance zone. The price tested the 23.6% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.
The Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average. A new connecting bearish trendline is also forming with resistance at $2,445 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,445 level and the trendline. The first major resistance is near the $2,470 level or the 50% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.
The main resistance is now forming around $2,500. A clear move above the USD 2,500 resistance could send the price towards the USD 2,550 resistance. An upside break above the USD 2,550 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,620 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the USD 2,445 resistance, it could trigger another decline. The initial downside support is near the $2,380 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 2,285. Any further losses could send the price towards the USD 2,220 support level in the near term. The next major support is at USD 2,150.
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 – $2,360
Major resistance level – $2,500