Ethereum price started a fresh decline from the $2,550 zone. ETH is now back below $2,200 and might decline further in the near term.
- Ethereum started a fresh decline below the $2,350 support zone.
- The price is trading below $2,250 and the 100-hourly Simple Moving Average.
- There is a new bearish trend line forming with resistance at $2,160 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $2,160 and $2,250 resistance levels to start a recovery wave.
Ethereum Price Dives 15%
Ethereum price failed to clear the $2,550 resistance zone and started a fresh decline, like Bitcoin. ETH gained bearish momentum below the $2,400 and $2,350 support levels.
There was a clear move below the $2,250 support zone and the 100-hourly Simple Moving Average. The price even dived below the last low and tested the $2,000 zone. A low was formed at $2,003 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $2,550 swing high to the $2,003 low.
Ethereum price is now trading below $2,250 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,080 level. The first major resistance is near the $2,150 level.
There is also a new bearish trend line forming with resistance at $2,160 on the hourly chart of ETH/USD. The main resistance is now forming near $2,275 and the 50% Fib retracement level of the recent decline from the $2,550 swing high to the $2,003 low.
A clear move above the $2,275 resistance might send the price toward the $2,350 resistance. An upside break above the $2,350 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,450 resistance zone or even $2,500 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,160 resistance, it could start another decline. Initial support on the downside is near the $2,020 level. The first major support sits near the $2,000 zone.
A clear move below the $2,000 support might push the price toward the $1,880 support. Any more losses might send the price toward the $1,750 support level in the near term. The next key support sits at $1,640.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,000
Major Resistance Level – $2,160
