Ethereum price started declining again after the USD 2,350 resistance. ETH is now testing the USD 2,240 support and remains at risk of more downside.
- Ethereum started a fresh decline after failing to cross the USD 2,350 resistance zone.
- The price is trading below $2,300 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 it manages to hold above the $2,240 level.
Ethereum price looks fresh
Ethereum price tried to rise again above the USD 2,320 resistance zone. However, ETH struggled to gain strength for a move above the $2,350 resistance zone like Bitcoin.
A high was formed around $2,350 and the price started falling again. There was a clear move below the USD 2,320 and USD 2,300 levels. The price retested the $2,240 support. A low is formed near USD 2,241 and the price is now consolidating losses.
It tests the 23.6% Fib retracement level of the downward move from the $2,350 swing high to the $2,241 low. There is also a major bearish trendline forming with resistance around $2,300 on the hourly chart of ETH/USD.
Ethereum is now trading below $2,300 and the 100-hourly Simple Moving Average. On the upside, the first major resistance is around the $2,275 level. The next major resistance is near $2,300 or the trendline. It is close to the 50% Fib retracement level of the downward move from the $2,350 swing high to the $2,241 low.
Source: ETHUSD on TradingView.com
The next major resistance could be at USD 2,325, above which the price could rise and test the USD 2,350 resistance. If the bulls push the price above the USD 2,350 resistance, they could target USD 2,400. A clear move above the USD 2,400 level could see the price rise further. In the mentioned case, the price could rise towards the USD 2,450 level.
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 $2,240 level.
The next major support could be the $2,200 zone. A daily close below the USD 2,200 support could trigger another steady decline. In the said case, Ether could test the USD 2,120 support. Any further losses could send the price towards the USD 2,080 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 – $2,300
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