The Ethereum price entered a consolidation phase after a sharp decline. ETH needs to clear the resistance at $2,275 to start a new increase in the near term.
- Ethereum recovered losses after testing the USD 2,000 support zone.
- The price is trading below $2,320 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $2,240 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it overcomes the USD 2,250 and USD 2,275 resistance levels.
Ethereum price looks fresh
Ethereum’s price started a sharp decline below the $2,300 pivot level, just like Bitcoin. ETH fell heavily below the USD 2,220 and USD 2,200 levels. Finally, it tested the $2,000 support before the bulls emerged.
A low was formed near USD 1,980 and the price is now trying to make a recovery wave. There was a move above the USD 2,120 and USD 2,150 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downwave from the $2,400 swing high to the $1,980 low.
Ethereum is now trading below $2,320 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,250 zone. There is also a major bearish trendline forming with resistance around $2,240 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The next major resistance is near the $2,275 level or the 76.4% Fib retracement level of the downwave from the $2,400 swing high to the $1,980 low. A clear move above the $2,300 zone could send the price towards the $2,400 level. The next resistance is at $2,450. Any further gains could trigger a wave towards the USD 2,500 level.
Lose more in ETH?
If Ethereum fails to clear the USD 2,275 resistance, it could trigger another decline. The initial downside support is near the $2,155 level.
The next major support is at USD 2,120. The main support is now near USD 2,100. A downward break below $2,100 could trigger another big decline. In the said case, Ether could revisit the $2,000 support. Further losses could require a test of the $1,880 support zone in the near term.
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 30 level.
Major support level – $2,155
Major resistance level – $2,275
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