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The price of Ethereum has fallen by more than 5% and is trading below $2,350l. ETH signals an increase in selling pressure and could fall to $2,120.
- Ethereum started to fall again after failing to clear $2,450.
- The price is trading below $2,320 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $2,400 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to overcome the resistance at $2,320 to start a recovery wave in the near term.
Ethereum price drops again
Ethereum price failed to clear the USD 2,450 resistance and started a new decline, just like Bitcoin. ETH fell more than BTC, breaking the key supports at $2,400.
There was a break below a key bullish trendline with support at $2,400 on the hourly chart of ETH/USD. The pair is down over 5% and there was a move below the $2,320 support zone. A low is formed at $2,253 and the price is now consolidating losses.
Ethereum price is now trading below $2,320 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,300 level or the 23.6% Fib retracement level of the downward move from the $2,465 swing high to the $2,253 low.
The first major resistance is around the $2,320 level. A close above the $2,320 level could send Ether towards the $2,360 resistance. The next major resistance is near $2,385 or the 61.8% Fib retracement level of the downward move from the $2,465 swing high to the $2,253 low. An upside break above the USD 2,385 resistance could lead to more gains towards the USD 2,450 resistance zone in the near term.
More disadvantages of ETH?
If Ethereum fails to clear the USD 2,320 resistance, it could trigger another decline in the near term. The initial downside support is near USD 2,250. The first major support is near the $2,200 zone.
A clear move below the USD 2,200 support could push the price towards USD 2,150. 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 gaining strength 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 – $2,320
