Ethereum price has begun a consolidation phase after a sharp decline. ETH needs to clear the $2,275 resistance to start a new rally in the near term.
- Ethereum recovered its losses after testing the $2,000 support zone.
- The price is trading below $2,320 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming with resistance near $2,240.
- A break above the $2,250 and $2,275 resistance levels could provide bullish momentum.
Ethereum Price Eyes Fresh Increase
Ethereum price, like Bitcoin, began a sharp decline below the $2,300 pivot level. ETH fell significantly below the $2,220 and $2,200 levels. Finally, the $2,000 support was tested before an uptrend emerged.
A low was made around $1,980 and the price is currently recovering. There was a move above the $2,120 and $2,150 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward wave from the $2,400 swing high to the $1,980 low.
Ethereum is currently trading below $2,320 and the 100-hour simple moving average. Meanwhile, the price is finding resistance near $2,250. Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $2,240.
Source: ETHUSD on TradingView.com
The next major resistance is near the $2,275 level or the 76.4% Fib retracement level of the bearish wave from the $2,400 swing high to the $1,980 low. A clear break above the $2,300 area could push the price towards the $2,400 level. The next resistance level is $2,450. Any more profits could start a wave towards the $2,500 level.
Will there be more losses in ETH?
If Ethereum fails to clear the $2,275 resistance, it could begin another downtrend. Initial support for the downside is near the $2,155 level.
The next major support is at $2,120. The current main support amount is close to $2,100. A decline below $2,100 could begin another major decline. If specified, Ether could regain $2,000 support. A test of the $1,880 support zone in the near term may be necessary for further losses to occur.
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 30 level.
Key Support Level – $2,155
Key Resistance Level – $2,275
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