Ethereum price started a downward correction from $2,380. $ETH It is currently showing some bearish signs and could fall further if it trades below $2,300.
- Ethereum has started a downward correction below the $2,360 zone.
- The price is trading below the 100-hour simple moving average at $2,350.
- On the hourly chart, the price has broken below the bullish trend line with support at $2,340. $ETH/USD (data feed via Kraken).
- If the price remains below the $2,350 zone, the decline could continue.
Ethereum price falls again
Ethereum price, like Bitcoin, failed to break above the $2,365 zone, extending the decline. $ETH Prices continued to rise below the $2,350 and $2,340 levels.
On the hourly chart, the price has broken below the bullish trend line with support at $2,340. $ETH/USD. The bears pushed the price below the 50% Fib retracement level of the bull market from the swing low of $2,265 to the high of $2,382.
The bulls finally emerged around $2,300. Ethereum price is currently trading below $2,340 and its 100-hour simple moving average. If the bulls sustain the action above $2,300, the price could try to move higher. Immediate resistance is seen near the $2,340 level. The first major resistance level is near the $2,365 level.
The next major resistance level is near the $2,380 level. A clear break above the $2,380 resistance could send the price towards the $2,400 resistance. A break above the $2,400 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,440 resistance zone and even $2,450 in the short term.
Further downside in $ETH?
If Ethereum fails to break through the $2,350 resistance level, a fresh decline could begin. Initial support on the downside is near the $2,300 level and the 76.4% Fib retracement level of the rise from the swing low of $2,265 to the high of $2,382. The first major support is located near the $2,265 zone.
A clear move below the $2,265 support could push the price towards the $2,220 support. Any further losses could send the price towards the $2,200 area. The main support could be at $2,150.
technical indicators
Hourly MACD – MACD of $ETH/USD is gaining momentum in the bearish zone.
hourly RSI – RSI $ETH/USD is currently below the 50 zone.
Major Support Level – $2,300
High resistance level – $2,380
