Ethereum price extended losses and traded below the $2,500 support level. ETH is consolidating and may have a hard time recovering above the $2,500 resistance.
- Ethereum began a new downtrend at the $2,550 resistance zone.
- The price is trading below $2,480 and the 100-hour simple moving average.
- There is a new connecting bearish trendline forming with resistance at $2,445 on the hourly chart of ETH/USD (data feed via Kraken).
- A break above the $2,445 and $2,500 resistance levels could start a recovery for the pair.
Losses widen due to Ethereum price
Ethereum price struggled to stay above $2,500 and began a new Bitcoin-like decline. ETH fell below the $2,450 and $2,420 levels.
The $2,350 support zone was tested. The low was made at $2,357 and the price is currently trying to recover. There was a move above the $2,385 resistance zone. The price tested the 23.6% Fib retracement level moving down from the $2,583 swing high to the $2,357 low.
Ethereum price is currently trading below $2,500 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a new connecting bearish trendline forming with resistance at $2,445.
On the other hand, the price appears to be facing a hurdle near the $2,445 level and the trend line. The first major resistance is near the $2,470 level or the 50% Fib retracement level of the downside move from the $2,583 swing high to the $2,357 low.
Major resistance is currently forming near $2,500. A clear break above the $2,500 resistance level could push the price towards the $2,550 resistance level. An uptick above the $2,550 resistance could lead to further gains in the coming sessions. If indicated, Ethereum could rise towards the $2,620 resistance zone.
Another decline in ETH?
If Ethereum fails to clear the $2,445 resistance, it could begin another downtrend. Initial support for the downside is near the $2,380 level. The first major support is near the $2,350 area.
A clear decline below the $2,350 support could push the price towards $2,285. More losses could push the price towards the $2,220 support level in the near term. The next major support level is $2,150.
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 – $2,360
Key Resistance Level – $2,500
Source: NewsBTC.com