Ethereum price is down more than 5% and is trading below $2,350. ETH is indicating increasing selling pressure and could drop to $2,120.
- Ethereum started another decline after failing to break above $2,450.
- The price is trading below $2,320 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support at $2,400 on the hourly chart of ETH/USD (data feed from Kraken).
- The pair must overcome the resistance of $2,320 to start a recovery wave in the near term.
Ethereum price falls again
Ethereum price failed to break above the $2,450 resistance and started another decline as BitcoinETH fell more than BTC and broke key supports at $2,400.
There was a break below a key bullish trend line with support at $2400 on the hourly chart of ETH/USD. The pair is down more than 5% and there was a move below the support zone of $2320. A low was formed at $2253 and the price is now consolidating losses.
Ethereum price is now trading below $2,320 and the 100 hour simple moving averageOn the upside, the price seems to be facing hurdles near the $2,300 level or the 23.6% Fibonacci retracement level of the downward move from the $2,465 high to $2,253 low.
The first major resistance is near the $2,320 level. A close above the $2,320 level could send Ether towards the $2,360 resistance. The next key resistance is near $2,385 or the 61.8% Fib retracement level of the downward move from the $2,465 high to $2,253 low. An upside break above the $2,385 resistance could lead to more gains towards the $2,450 resistance zone in the near term.
More disadvantages for ETH?
If Ethereum fails to clear the $2,320 resistance, it could start another decline in the near term. The initial support on the downside is near $2,250. The first major support lies near the $2,200 zone.
A clear move below the $2200 support could propel the price towards $2150. Any further losses could send the price towards the $2120 support level in the near term. The next key support lies at $2050.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level: $2250
Major Resistance Level: $2,320
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.