Ethereum price extended losses and tested the $2,150 support. ETH is struggling to recover and may continue to decline towards the $2,000 support zone.
- Ethereum began a new downtrend below the $2,350 and $2,250 levels.
- 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 bearish trendline forming with resistance near $2,240.
- Breaking out of the $2,240 and $2,280 levels, the pair will attempt a new increase.
Losses widen due to Ethereum price
Ethereum price remained in bearish territory below the $2,400 pivot level. ETH continued its downward trend and, like Bitcoin, traded below the $2,250 support line.
It even surged below the $2,000 level. A new weekly low was formed near $2,165 and the price is currently consolidating losses. There was a slight increase above the $2,220 level. The price tested the 23.6% Fib retracement level of the bearish wave from the $2,480 swing high to the $2,165 low.
Ethereum is currently trading below $2,250 and the 100-hour simple moving average. Meanwhile, the price is finding resistance near $2,240. Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $2,240.
The next hurdle could be $2,280, above which the price could target a significant recovery. The next major resistance is now near $2,360, i.e. the 61.8% Fib retracement level of the bearish wave from the $2,480 swing high to the $2,165 low.
Source: ETHUSD on TradingView.com
A clear break above the $2,360 level could initiate a significant rally. If specified, the price could rise to the $2,415 level. If more gains occur, the price may head towards the $2,550 area.
Will there be more losses in ETH?
If Ethereum fails to clear the $2,440 resistance, another decline could begin. Initial support for the downside is near the $2,200 level.
The next major support could be the $2,165 area. A break below the $2,165 support could push the price lower. If indicated, Ether could test the $2,120 support. Any more losses could push the price down to the $2,000 level.
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 – $2,165
Key Resistance Level – $2,480
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