Ethereum price began a new decline below the $2,350 resistance level. ETH is currently testing the $2,240 support and is at risk of further downside.
- Ethereum began a new downtrend after failing to break above the $2,350 resistance 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 major bearish trendline forming with resistance near $2,300.
- If it holds above the $2,240 level, it could start a new rally.
Ethereum Price Eyes Fresh Increase
Ethereum price attempted a new rise above the $2,320 resistance zone. However, ETH, like Bitcoin, struggled to gain strength above the $2,350 resistance zone.
A high was made near $2,350 and the price began a new decline. There was a clear movement below the $2,320 and $2,300 levels. The price retested the $2,240 support. A low was formed near $2,241 and the price is currently consolidating losses.
A downward move from the $2,350 swing high to the $2,241 low is testing the 23.6% Fib retracement level. Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $2,300.
Ethereum is currently trading below $2,300 and the 100-hour simple moving average. On the positive side, the first major resistance is near the $2,275 level. The next major resistance level is $2,300 or near the trend line. This is near the 50% Fib retracement level of the downward move from the $2,350 swing high to the $2,241 low.
Source: ETHUSD on TradingView.com
The next major resistance could be $2,325, above which the price could rise to test the $2,350 resistance. If the bulls push the price above the $2,350 resistance, they could target $2,400. A clear break above the $2,400 level could push the price even higher. If specified, the price could rise to the $2,450 level.
Will there be more losses in ETH?
If Ethereum fails to clear the $2,300 resistance, it may continue to fall. Initial support for the downside is near the $2,240 level.
The next major support could be the $2,200 zone. A daily close below the $2,200 support could begin another steady decline. If indicated, Ether could test the $2,120 support. 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 – $2,300
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