Ethereum price began a new decline, trading below $2,265. $ETH It is currently holding steady above $2,220 and may struggle to recover.
- Ethereum has started a downward correction below the $2,280 zone.
- Price is trading below $2,300 and the 100 hourly simple moving average.
- The price broke below the ascending channel supporting $2,295 on the hourly chart. $ETH/USD (data feed via Kraken).
- A break above the $2,220 zone could start a new rally.
Ethereum price falls further
The price of Ethereum was unable to maintain stability above $2,320, and a downward correction began, similar to Bitcoin. $ETH Prices fell below the $2,300 and $2,280 levels.
The price broke below the ascending channel supporting $2,295 on the hourly chart. $ETH/USD. The price soared to $2,220. A low was formed at $2,220 and the price is currently consolidating losses. There was a small rally above the 23.6% Fib retracement level of the down move from the swing high of $2,345 to the low of $2,220.
Ethereum price is currently trading below $2,280 and its 100 hourly simple moving average. If the bulls sustain the action above $2,220, the price could try to move higher. Immediate resistance is seen near the $2,265 level.
The first major resistance is near the $2,280 level, which is the 50% fib retracement level of the decline from the $2,345 swing high to the $2,220 low. The next major resistance level is near the $2,300 level. A clear break above the $2,300 resistance could send the price heading towards the $2,345 resistance. A break above the $2,345 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,400 resistance zone and even $2,420 in the short term.
Lower price continues in $ETH?
If Ethereum fails to break through the $2,280 resistance level, a fresh decline could begin. The first support on the downside is near the $2,230 level. The first major support is located near the $2,220 zone.
A clear move below the $2,220 support could push the price towards the $2,165 support. Any further losses could send the price towards the $2,150 area. The main support could be at $2,120.
technical indicators
Hourly MACD – MACD of $ETH/USD is gaining momentum in the bearish zone.
hourly RSI – RSI $ETH/USD is currently below the 50 zone.
Major Support Level – $2,220
Major Resistance Level – $2,280
