Ethereum price is falling again from the $2,325 resistance level. ETH could fall significantly if it moves below the $2,270 support.
- Ethereum is showing some signs of weakness in the $2,325 region.
- The price is trading below $2,300 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 $2,300.
- A break above the $2,325 resistance could start a new rally.
Ethereum price is struggling below $2,325.
Ethereum price attempted a new rise above the $2,300 level. However, ETH received strong selling interest around $2,325. A high was made near $2,327 and the price began a new decline, like Bitcoin.
There was a move below the $2,300 support level. The price surged below $2,280 and traded below the 50% Fib retracement level, rising from the $2,241 swing low to the $2,327 high. Ethereum is currently trading below $2,300 and the 100-hour simple moving average.
Bulls are currently protecting the $2,270 support, or the 61.8% Fib retracement level from the $2,241 swing low to the $2,327 high. On the positive side, the first major resistance is near the $2,300 level. Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $2,300.
Source: ETHUSD on TradingView.com
The next major resistance is near $2,325, above which the price could rise to test the $2,380 resistance. If the bulls push the price above the $2,380 resistance, they could target $2,440. A clear break above the $2,440 level could push the price higher. If specified, the price could rise to the $2,500 level.
Will there be more losses in ETH?
If Ethereum fails to clear the $2,325 resistance, another decline could begin. Initial support for the downside is near the $2,270 level.
The next major support could be the $2,240 zone. A clear move below the $2,240 support could lead the price towards $2,200. The main assistance amount could be $2,120. Any more losses could push the price down to the $2,080 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 – $2,240
Key Resistance Level – $2,325
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.