Ethereum price began a new decline, trading below $2,350. $ETH It is currently holding steady above $2,285 and may struggle to recover.
- Ethereum started a downward correction from the $2,425 zone.
- The price is trading below the 100-hour simple moving average at $2,365.
- On the hourly chart, the price has broken below the bullish trend line with support at $2,340. $ETH/USD (data feed via Kraken).
- A break above the $2,255 zone could start a new rally.
Ethereum price cuts profits
The price of Ethereum was unable to maintain stability above $2,385 and began a downward correction, falling below Bitcoin. $ETH Prices fell below the $2,365 and $2,350 levels.
On the hourly chart, the price has broken below the bullish trend line with support at $2,340. $ETH/USD. The pair traded up to $2,286 and is currently consolidating losses. There was a small move above the 23.6% Fib retracement level of the decline from the swing high of $2,423 to the low of $2,286.
Ethereum price is currently trading below $2,365 and its 100-hour simple moving average. If the bulls sustain the action above $2,285, the price may try to move higher. Immediate resistance is seen near the $2,355 level and the 50% fib retracement level of the decline from the swing high of $2,423 to the low of $2,286.
The first major resistance level is near the $2,385 level. The next major resistance level is near the $2,425 level. A clear break above the $2,425 resistance could send the price heading towards the $2,450 resistance. A break above the $2,450 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,510 resistance zone and even $2,550 in the short term.
more losses will occur $ETH?
If Ethereum fails to break through the $2,385 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 $2,255 zone.
A clear move below the $2,255 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 gaining momentum in the bearish zone.
hourly RSI – RSI $ETH/USD is currently below the 50 zone.
Major Support Level – $2,255
Major Resistance Level – $2,425
