Ethereum price started a downward correction below $2,350. $ETH It is currently showing some bearish signs and could fall further if it trades below $2,265.
- Ethereum has started a downward correction below the $2,365 zone.
- The price is trading below the 100-hour simple moving average at $2,320.
- On the hourly chart of , there is a bearish trend line forming resistance at $2,315. $ETH/USD (data feed via Kraken).
- If the price remains below the $2,325 zone, the decline may continue.
Ethereum price falls further
Ethereum price, like Bitcoin, failed to break above the $2,350 zone, extending the decline. $ETH Prices rose at a pace below the $2,320 and $2,300 levels.
The bears pushed the price below the 50% Fib retracement level of the bull market from a low of $2,220 to a high of $2,423. The bulls finally emerged around $2,265. Additionally, a bearish trend line is forming at the resistance level at $2,315 on the hourly chart. $ETH/USD.
Ethereum price is currently trading below $2,320 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 $2,300 level. The first major resistance level is near the $2,320 level.
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 $2,440 resistance zone and even $2,450 in the short term.
further decline $ETH?
If Ethereum fails to break through the $2,320 resistance level, a fresh decline could begin. Initial support on the downside is near the $2,265 level and the 76.4% Fib retracement level of the $2,220 swing low to $2,423 high. The first major support is located near the $2,240 zone.
A clear move below the $2,240 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 $2,150.
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
Major Resistance Level – $2,320
