Ethereum price began a new decline, trading below $2,250. $ETH It is currently holding steady above $2,220 and may struggle to recover.
- Ethereum has started a downward correction below the $2,265 zone.
- The price is trading below the 100-hour simple moving average at $2,280.
- On the hourly chart, a contracting triangle is forming with support at $2,255. $ETH/USD (data feed via Kraken).
- A break above the $2,220 zone could start a new rally.
Ethereum price faces resistance
Ethereum’s price was unable to remain stable above $2,300, and a downward correction began, similar to Bitcoin. $ETH The price fell below the $2,280 and $2,265 levels.
Prices traded below $2,250. 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 $2,270 and its 100 hourly simple moving average. Additionally, a contracting triangle is forming on the hourly chart with support at $2,255. $ETH/USD.
If the bulls sustain the action above $2,250, the price may try to move higher. Immediate resistance is seen near the $2,280 level, or the 50% Fib retracement level of the decline from the swing high of $2,345 to the low of $2,220.
The first major resistance level is near the $2,300 level. The next major resistance level is near the $2,320 level. A clear break above the $2,320 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 $2,280 resistance level, a fresh decline could begin. The first support on the downside is near the $2,255 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 losing momentum in the bearish zone.
hourly RSI – RSI $ETH/USD is currently above the 50 zone.
Major Support Level – $2,220
Major Resistance Level – $2,280
