Ethereum price began a new decline, trading below $2,300. $ETH It is currently holding steady above $2,250 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.
- On the hourly chart of , there is a bearish trend line forming resistance at $2,300. $ETH/USD (data feed via Kraken).
- A break above the $2,320 zone could start a new rally.
Ethereum price faces resistance
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 traded below $2,265. A low was formed at $2,256 and the price is currently consolidating losses. There was a small rally above the 23.6% Fib retracement level of the decline from the swing high of $2,382 to the low of $2,256.
Ethereum price is currently trading below $2,300 and its 100-hour simple moving average. Additionally, there is a bearish trendline forming resistance at $2,300 on the hourly chart. $ETH/USD.
If the bulls sustain the action above $2,250, the price may try to move higher. Immediate resistance is seen near the $2,300 level and trendline. The first major resistance is near the $2,320 level, or the 50% fibritracement level of the decline from the swing high of $2,382 to the low of $2,256.
The next major resistance level is near the $2,335 level. A clear break above the $2,335 resistance could send the price heading towards the $2,375 resistance. A break above the $2,375 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,420 resistance zone and even $2,440 in the short term.
further decline $ETH?
If Ethereum fails to break through the $2,320 resistance level, a fresh decline could begin. The first support on the downside is near the $2,265 level. The first major support is located near the $2,250 zone.
A clear move below the $2,250 support could push the price towards the $2,200 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 losing momentum in the bearish zone.
hourly RSI – RSI $ETH/USD is currently above the 50 zone.
Major Support Level – $2,250
Major Resistance Level – $2,320
