Ethereum price is correcting its upward trend below the $2,350 area. ETH could attempt a fresh hike as long as it does not close below the $2,200 support.
- Ethereum is correcting gains and trading below the $2,350 level.
- The price is trading below $2,320 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 close above the $2,350 level could trigger a fresh increase for the pair.
Ethereum Price Eyes Fresh Increase
Ethereum price struggled to break out of the $2,440 resistance zone and began a new downtrend. ETH declined below the $2,350 support area to move into near-term bearish territory like Bitcoin.
It closed below the $2,320 level. A low was formed near $2,258 and the price is currently consolidating losses. Ethereum is currently trading below $2,320 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $2,300.
On the other hand, the price is finding resistance near the $2,300 level and the trend line. This is close to the 23.6% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low.
Source: ETHUSD on TradingView.com
The first major resistance is currently near the 50% Fib retracement level at $2,350 or a downside move from the $2,445 swing high to the $2,258 low. A break above the $2,350 resistance could push the price up to $2,400. The next major resistance is near $2,440. A clear break above the $2,440 area could start another rally. The next resistance level is $2,500, above which Ethereum could test the $2,550 area.
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 $2,250 level.
The first major support could be the $2,240 zone. A break below and a close below $2,240 could start another big decline. If indicated, Ether could test the $2,200 support. Any more losses could push the price down to the $2,120 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 – $2,350
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