Ethereum price plunged below $2,000 on Kraken. ETH is currently recovering above the $2,200 level, but bears could remain active near $2,300.
- Ethereum began a major decline and fell below the $2,200 support level.
- 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 bearish trend line tying with resistance near $2,300.
- If there is a clear move above $2,290 and $2,300, the pair may continue to rise.
Ethereum price plummets
Ethereum price struggled to break above the $2,400 resistance zone. ETH, like Bitcoin, began a sharp decline and broke the $2,200 support zone.
There was a sharp decline and the price surged below the $2,000 support zone. It hit a new yearly low near $1,860 and the price is now recovering its losses. There was a significant rise above the $2,000 and $2,080 resistance levels.
The price broke above the 50% Fib retracement level moving down from the $2,430 swing high to the $1,860 low. However, Ethereum is still below $2,300 and the 100-hour simple moving average.
Meanwhile, the price is finding resistance near $2,290. The first major resistance is currently near $2,300. Additionally, on the hourly chart of ETH/USD, there is a bearish trend line connecting with resistance near $2,300. The trend line is close to the 76.4% Fib retracement level moving down from the $2,430 swing high to the $1,860 low.
Source: ETHUSD on TradingView.com
A close above the $2,300 resistance could lead the price towards $2,400. The next major resistance is near $2,440. A clear move above $2,400 could lead to a decline towards $2,500. The next resistance level is $2,500, above which Ethereum could test the $2,620 area.
A new downtrend for ETH?
If Ethereum fails to clear the $2,300 resistance, it could begin a new downtrend. Initial support for the downside is near the $2,200 level.
The first major support could be the $2,080 zone. A break below and a close below $2,080 could begin another steady decline. If stated, Ether may test $2,000 support. Any more losses could push the price down to the $1,860 level.
technical indicators
Hourly MACD – ETH/USD MACD is regaining momentum in bullish territory.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $2,180
Key Resistance Level – $2,300
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