Ethereum price is falling below the $2,250 support. ETH now risks further downside below the $2,120 support.
- Ethereum has had trouble starting a new rally above the $2,250 resistance level.
- The price is trading below $2,250 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major descending channel forming with resistance near $2,225.
- A break below the $2,120 support zone could lead the pair to continue falling.
Ethereum price takes a hit
Ethereum price attempted a new rise above the $2,120 and $2,150 levels. ETH rose to the $2,200 level, but bears were actively trading near the $2,250 level. A high was made near $2,252 and the price began a new decline, much like Bitcoin.
There was a move below the $2,200 support level. The price fell below the 23.6% Fib retracement level, rising from the $1,980 swing low to the $2,252 high.
Ethereum is currently trading below $2,250 and the 100-hour simple moving average. There is also a major downward channel on the hourly chart of ETH/USD with resistance forming near $2,225. Any new price upside may face resistance near the $2,200 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $2,225 level or the channel trendline. The main resistance level is still close to $2,250. A clear break above the $2,250 area could push the price towards the $2,300 level. The next resistance level is $2,350. 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 $2,225 resistance, it may continue to fall. Initial support on the downside is near the $2,120 level or the 50% Fib retracement level of the rise from the $1,980 swing low to the $2,252 high.
The next major support is at $2,045. Currently, the main support amount is closer to $2,000. A decline below $2,000 could start another big decline. If noted, Ether could revisit the $1,880 support. A test of the $1,820 support zone in the near term may be necessary for further losses to occur.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $2,120
Key Resistance Level – $2,225
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