Ethereum price corrects gains below the $2,350 zone. ETH could attempt another rise unless there is a close below the USD 2,200 support.
- Ethereum corrects gains and trades below the USD 2,350 level.
- The price is trading below $2,320 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if a close above the $2,350 level occurs.
Ethereum price looks fresh
Ethereum price struggled to break the USD 2,440 resistance zone and started a fresh decline. ETH fell below the $2,350 support zone and entered a short-term bearish zone like Bitcoin.
There was a close below the USD 2,320 level. A low was formed near USD 2,258 and the price is now consolidating losses. Ethereum is now trading below $2,320 and the 100-hourly Simple Moving Average. There is also a major bearish trendline forming with resistance around $2,300 on the hourly chart of ETH/USD.
On the upside, the price is facing resistance near the $2,300 level and the trendline. It is close to the 23.6% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low.
Source: ETHUSD on TradingView.com
The first major resistance now lies near $2,350 or the 50% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low. A close above the USD 2,350 resistance could send the price towards USD 2,400. The next major resistance is near USD 2,440. A clear move above the $2,440 zone could trigger a fresh increase. The next resistance is at $2,500, above which Ethereum could rise and test the $2,550 zone.
Lose more in ETH?
If Ethereum fails to clear the USD 2,300 resistance, it could continue to decline. The initial downside support is near the USD 2,250 level.
The first major support could be the $2,240 zone. A downside break and a close below $2,240 could trigger another big decline. In the mentioned case, Ether could test the USD 2,200 support. Any further losses could send the price towards the USD 2,120 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $2,240
Major resistance level – $2,350
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