This article is also available in Spanish.
Ethereum price continued its downward trend below the $2,350 level. ETH is currently recovering from losses and faces a major hurdle near $2,300.
- Ethereum fell further, trading below $2,350.
- The price is trading below $2,400 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming at resistance $2,400.
- The pair would need to clear the $2,400 and $2,420 resistance levels to initiate a significant near-term rally.
Ethereum price eye recovery
Ethereum price remained in bearish territory and losses extended below the $2,400 level. ETH traded below the $2,350 support level to move further out of bearish territory like Bitcoin.
The price surged below the $2,320 support level. A low was formed near $2,311 and the price is currently consolidating losses. There was a slight increase above the $2,350 level. The price is still below the 23.6% Fib retracement level of the bearish wave from the $2,655 swing high to the $2,311 low.
Ethereum price is currently trading below $2,400 and the 100-hour simple moving average. On the other hand, the price appears to be facing a hurdle near the $2,400 level. Additionally, on the hourly chart of ETH/USD, there is a major bearish trendline forming resistance at $2,400.
A clear break above the trendline resistance could lead the price towards the $2,480 resistance level. The $2,655 swing high to $2,311 low is close to the 50% Fib retracement level of the bearish wave.
An uptick above the $2,480 resistance could lead to further gains in the coming sessions. If indicated, Ethereum may rise towards the $2,550 resistance area in the near term. The next hurdle is near $2,650 or $2,665.
Another drop in ETH?
If Ethereum fails to clear the $2,400 resistance, it could begin another downtrend. Initial support for the downside is near the $2,350 level. The first major support is near the $2,300 area.
A clear break below the $2,300 support could push the price towards $2,220. More losses could push the price towards the $2,120 support level in the near term. The next major support level is $2,050.
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 area.
Key Support Level – $2,300
Key Resistance Level – $2,400