Ethereum price began a new decline, trading below $2,350. $ETH It is currently holding steady above $2,265 and may struggle to recover.
- Ethereum started a downward correction from the $2,400 zone.
- The price is trading below the 100-hour simple moving average at $2,350.
- On the hourly chart of , there is a bearish trend line forming resistance at $2,310. $ETH/USD (data feed via Kraken).
- A break above the $2,350 zone could start a new rally.
Ethereum price cuts profits
The price of Ethereum was unable to maintain stability above $2,380, and a downward correction began, similar to Bitcoin. $ETH Prices fell below the $2,365 and $2,350 levels.
Prices soared to below $2,300. A low was formed at $2,264 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 $2,404 to the low of $2,264.
Ethereum price is currently trading below $2,300 and its 100-hour simple moving average. If the bulls sustain the action above $2,265, the price could try to move higher. Immediate resistance is seen near the $2,310 level. There is also a bearish trendline forming resistance at $2,310 on the hourly chart. $ETH/USD.
The first major resistance is near the $2,335 level and the 50% fib retracement level of the decline from the swing high of $2,404 to the low of $2,264. The next major resistance level is near the $2,350 level. A clear break above the $2,350 resistance could send the price towards the $2,400 resistance. A break above the $2,400 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,500 resistance zone and even $2,550 in the short term.
further loss $ETH?
If Ethereum fails to break through the $2,310 resistance level, a fresh decline could begin. The first support on the downside is near the $2,285 level. The first major support is located near the $2,265 zone.
A clear move below the $2,265 support could push the price towards the $2,220 support. Any further losses could send the price towards the $2,200 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 – $2,265
High resistance level – $2,350
