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Ethereum price gained bearish momentum and traded below $2,350. ETH is consolidating losses and may struggle to recover above $2,350.
- Ethereum started to fall again below USD 2,350 and USD 2,320.
- The price is trading below $2,310 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $2,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to overcome the resistance at $2,360 to start a recovery wave in the near term.
Ethereum price begins consolidation
Ethereum price failed to clear the USD 2,450 resistance and started a new decline, just like Bitcoin. ETH traded below the USD 2,400 and USD 2,350 support levels and entered a bearish zone.
The price even dipped below the USD 2,320 level. A low was formed at $2,253 and the price is now consolidating losses. There was a small recovery wave above the USD 2,285 level. The price tested the 23.6% Fib retracement level of the downward wave from the $2,466 swing high to the $2,253 low.
Ethereum price is now trading below $2,310 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 2,300 level. A descending channel is also forming with resistance at $2,300 on the hourly chart of ETH/USD.
The first major resistance is around the $2,340 level. The next major resistance is near $2,360 or the 50% Fib retracement level of the downward wave from the $2,466 swing high to the $2,253 low. There is also a major bearish trendline forming with resistance at $2,360 on the same chart.
An upside break above the USD 2,360 resistance could call for more gains. In the mentioned case, Ether could rise towards the USD 2,420 resistance zone in the short term. The next hurdle is near the USD 2,465 level.
Lose more in ETH?
If Ethereum fails to clear the USD 2,360 resistance, it could trigger another decline in the near term. The initial downside support is near $2,265. The first major support is near the $2,250 zone.
A clear move below the USD 2,250 support could push the price towards USD 2,200. Any further losses could send the price towards the USD 2,150 support level in the near term. The next major support is at $2,120.
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 zone.
Major support level – $2,250
Major resistance level – $2,300
