Ethereum price is consolidating gains below the $2,350 resistance zone. ETH may revisit the $2,200 support before starting a new increase.
- Ethereum still holds gains above the $2,250 support zone.
- The price is trading below $2,280 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a bearish trend line tying with resistance near $2,290.
- The decline could extend and revisit the $2,200 support zone.
Ethereum price remains within a certain range
Ethereum price began a downward correction at the $2,350 level. ETH fell below the $2,320 and $2,300 levels. It even surged below the $2,250 level.
A low was made near $2,247 and the price is now attempting a new rally like Bitcoin. There was a move above the $2,265 level. The price crossed the 23.6% Fib retracement level moving down from the $2,327 swing high to the $2,247 low.
Ethereum is currently trading below $2,280 and the 100-hour simple moving average. Meanwhile, the price is finding resistance near $2,290. Additionally, on the hourly chart of ETH/USD, there is a bearish trend line connecting with resistance near $2,290.
The trend line is close to the 50% Fib retracement level moving down from the $2,327 swing high to the $2,247 low. A close above the $2,290 resistance could lead the price towards $2,320.
Source: ETHUSD on TradingView.com
The main resistance level is $2,350. A clear break above the $2,350 area could initiate a major rally. The next resistance level is $2,420, above which Ethereum could test the $2,550 area.
Will there be more losses in ETH?
If Ethereum fails to clear the $2,290 resistance, a new downtrend could begin. Initial support for the downside is near the $2,250 level.
The first major support could be the $2,220 zone. A break below and a close below $2,220 could trigger more bearish moves. As stated, Ether could revisit the $2,120 support. Any more losses could push the price down to the $2,040 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $2,220
Key Resistance Level – $2,290
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