Ethereum price started a fresh decline and traded below $2,350. $ETH is now consolidating above $2,285 and may struggle to recover.
- Ethereum has started a downward correction from the $2,425 area.
- The price is trading below $2,365 and the 100 hourly simple moving average.
- There was a break below an uptrend line with support at $2,340 on the hourly chart of $ETH/USD (data feed via Kraken).
- The pair could begin a further rise if it stays above the $2,255 zone.
Ethereum Prices Cut Gains
Ethereum price failed to remain stable above $2,385 and began a downward correction, underperforming Bitcoin. $ETH The price fell below the $2,365 and $2,350 levels.
There was a break below an uptrend line with support at $2,340 on the hourly chart of $ETH/USD. The pair is trading at $2,286 and is currently consolidating losses. There was a slight move above the 23.6% Fibonacci retracement level of the downward move from the $2,423 high to $2,286 low.
Ethereum price is now trading below $2,365 and the 100 hourly simple moving average. If bulls remain in action above $2,285, the price could attempt a further rise. Immediate resistance is seen near the $2,355 level and the 50% Fibonacci retracement level of the downward move from the $2,423 high to $2,286 low.
The first key resistance is near the $2,385 level. The next major resistance is near the $2,425 level. A sharp move above the $2,425 resistance could send the price towards the $2,450 resistance. A bullish break above the $2,450 region could lead to further gains in the coming days. In the presented case, Ether could reach the resistance zone of $2,510 or even $2,550 in the short term.
No more losses $ETH?
If Ethereum fails to clear the $2,385 resistance, it could begin a further decline. Initial downside support is near the $2,285 level. The first major support lies near the $2,255 area.
A sharp move below the $2,255 support could push the price towards the $2,200 support. Any further losses could push the price towards the $2,150 region. The main support could be $2,120.
Technical indicators
Hourly MACD – The MACD for $ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for $ETH/USD is now below the 50 zone.
Major Support Level – $2,255
Major Resistance Level – $2,425
