Ethereum price began a new decline, trading below $2,250. $ETH It is currently holding steady above $2,175 and may struggle to recover.
- Ethereum started a downward correction from the $2,330 zone.
- The price is trading below the 100-hour simple moving average at $2,220.
- On the hourly chart, the price has broken below the bullish trend line with support at $2,210. $ETH/USD (data feed via Kraken).
- A break above the $2,140 zone could start a new rally.
Ethereum price falls again
The price of Ethereum was unable to maintain stability above $2,250, and a downward correction began, similar to Bitcoin. $ETH Prices fell below the $2,220 and $2,200 levels.
Additionally, the price broke below the bullish trend line with support at $2,210 on the hourly chart. $ETH/USD. The pair traded as high as $2,176 and is currently consolidating losses below the 23.6% Fib retracement level of the decline from the $2,329 high to the $2,175 low.
Ethereum price is currently trading below $2,250 and its 100 hourly simple moving average. If the bulls sustain the action above $2,175, the price may try to move higher.
Immediate resistance appears to be near $2,210. The first major resistance level is near the $2,235 level. The next major resistance level is near the $2,250 level, or the 50% fibritracement level of the decline from the swing high of $2,329 to the low of $2,175.
A clear break above the $2,250 resistance could send the price heading towards the $2,290 resistance. A break above the $2,290 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,320 resistance zone and even $2,350 in the short term.
further decline $ETH?
If Ethereum fails to break through the $2,235 resistance level, a fresh decline could begin. The first support on the downside is near the $2,175 level. The first major support is located near the $2,140 zone.
A clear move below the $2,140 support could push the price towards the $2,110 support. Any further losses could send the price towards the $2,060 area. The main support could be at $2,020.
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 – $2,140
Major Resistance Level – $2,235
