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Ethereum price extended its decline below the USD 2,350 level. ETH is now recovering from losses and facing a major hurdle near the $2,300 zone.
- Ethereum fell further and traded below the $2,350 zone.
- The price is trading below $2,400 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $2,400 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to overcome the USD 2,400 and USD 2,420 resistance levels to achieve significant upside in the near term.
Ethereum Price Eyes Recovery
Ethereum price remained in a bearish zone and extended losses below the USD 2,400 level. ETH traded below the USD 2,350 support to move further into a bearish zone like Bitcoin.
The price even peaked below the $2,320 support level. A low was formed near USD 2,311 and the price is now consolidating losses. There was a small increase above the USD 2,350 level. The price is still below the 23.6% Fib retracement level of the downward wave from the $2,655 swing high to the $2,311 low.
The Ethereum price is now trading below $2,400 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 2,400 level. There is also a major bearish trendline forming with resistance at $2,400 on the hourly chart of ETH/USD.
A clear move above the trendline resistance could send the price towards the USD 2,480 resistance. It is close to the 50% Fib retracement level of the downward wave from the $2,655 swing high to the $2,311 low.
An upside break above the USD 2,480 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,550 resistance zone in the short term. The next hurdle is near the USD 2,650 or USD 2,665 level.
Another drop in ETH?
If Ethereum fails to clear the USD 2,400 resistance, it could trigger another decline. The initial downside support is near the USD 2,350 level. The first major support is near the $2,300 zone.
A clear move below the USD 2,300 support could push the price towards USD 2,220. Any further losses could send the price towards the USD 2,120 support level in the near term. The next major support is at $2,050.
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 – $2,300
Major resistance level – $2,400
