Ethereum price started a fresh decline and traded below $2,265. $ETH is now consolidating above $2,220 and might struggle to recover.
- Ethereum started a downside correction below the $2,265 zone.
- The price is trading below $2,280 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $2,285 on the hourly chart of $ETH/USD (data feed via Kraken).
- The pair could continue to move down if it stays below the $2,300 zone.
Ethereum Price Extends Losses
Ethereum price failed to remain stable above $2,300 and started a fresh decline, like Bitcoin. $ETH price dipped below the $2,280 and $2,265 levels.
The price even traded below $2,250. A low was formed at $2,233, and the price is now consolidating losses. There was a minor upward move above the 23.6% Fib retracement level of the downward move from the $2,322 swing high to the $2,233 low.
Ethereum price is now trading below $2,280 and the 100-hourly Simple Moving Average. Besides, there is a bearish trend line forming with resistance at $2,285 on the hourly chart of $ETH/USD.
If the bulls remain in action above $2,220, the price could attempt another increase. Immediate resistance is seen near the $2,265 level. The first key resistance is near the $2,285 level or the 61.8% Fib retracement level of the downward move from the $2,322 swing high to the $2,233 low and the trend line.
The next major resistance is near the $2,320 level. A clear move above the $2,320 resistance might send the price toward the $2,350 resistance. An upside break above the $2,350 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,400 resistance zone or even $2,420 in the near term.
Another Drop In $ETH?
If Ethereum fails to clear the $2,285 resistance, it could start a fresh decline. Initial support on the downside is near the $2,250 level. The first major support sits near the $2,220 zone.
A clear move below the $2,220 support might push the price toward the $2,180 support. Any more losses might send the price toward the $2,120 region. The main support could be $2,080.
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 – $2,220
Major Resistance Level – $2,285
