Ethereum price extended losses and tested the $2,300 support. ETH is currently trying to recover above the $2,340 level and may test $2,390.
- Ethereum began a new downtrend below the $2,420 and $2,400 levels.
- The price is trading below $2,400 and the 100-hour simple moving average.
- On the ETH/USD hourly chart (data feed via Kraken), a breakout occurred above a bearish trend line connecting with resistance near $2,340.
- After breaking the $2,390 and $2,400 levels, the pair will attempt a new increase.
Ethereum price revisits $2,300.
Ethereum price has struggled to initiate a new rally above the $2,550 and $2,580 resistance levels. ETH began a new downtrend and, like Bitcoin, traded below the $2,400 support line.
There was a move below the $2,350 level. A new weekly low was formed near $2,302 and the price is currently consolidating losses. There was a slight increase from the $2,330 level. The price broke above the 23.6% Fib retracement level moving down from the $2,479 swing high to the $2,302 low.
Additionally, on the hourly chart of ETH/USD, a breakout occurred above a bearish trend line connecting with resistance near $2,340. Ethereum is currently trading below $2,400 and the 100-hour simple moving average. Meanwhile, the price is finding resistance near $2,365.
The next hurdle could be the 50% Fib retracement level at $2,390 or a downside move from the $2,479 swing high to the $2,302 low. The next major resistance is currently near $2,400. A clear break above the $2,400 level could initiate a significant rally. If specified, the price could rise to the $2,480 level.
Source: ETHUSD on TradingView.com
The next major hurdle is near the $2,500 area. A break above the $2,500 resistance could begin another steady rise. If stated, Ether price could rise to the $2,650 region.
Another drop in ETH?
If Ethereum fails to clear the $2,390 resistance, it could begin another downtrend. Initial support for the downside is near the $2,320 level.
The next major support could be the $2,300 zone. A break below the $2,300 support could push the price lower. If indicated, Ether could test the $2,250 support. Any more losses could push the price down to the $2,200 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $2,300
Key Resistance Level – $2,390
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