Ethereum price started to fall sharply below the $2,220 zone. $ETH Currently, it is holding steady above $2,020, and if it rises above $2,110, it could target a recovery wave.
- Ethereum started a steep decline below the $2,200 zone.
- The price is trading below the 100-hour simple moving average at $2,120.
- There are two bearish trend lines on the hourly chart that form resistance at $2,120 and $2,165. $ETH/USD (data feed via Kraken).
- If the pair breaks below the $2,165 resistance level, the pair could continue to fall.
Ethereum price turns red
Ethereum price failed to sustain above $2,220 and a new decline began, similar to Bitcoin. $ETH The price fell below $2,150 and $2,120, entering the short-term bearish zone.
Prices soared to below $2,050. A low formed at $2,025 and price is currently consolidating losses below the 23.6% Fib retracement level of the decline from the swing high of $2,385 to the low of $2,025. There are also two bearish trend lines forming resistance at $2,120 and $2,165 on the hourly chart. $ETH/USD.
Ethereum price is currently trading below $2,100 and its 100-hour simple moving average. If the bulls sustain the action above $2,025, the price may try to move higher. Immediate resistance is seen near the $2,080 level.
The first significant resistance level is near the $2,120 level or the 100 hourly simple moving average. The next major resistance is near the $2,165 level and the second trendline. A clear move above the $2,165 resistance could move the price towards the $2,200 resistance or the 50% Fib retracement level of the decline from the $2,385 swing high to the $2,025 low.
A break above the $2,200 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,250 resistance zone and even $2,300 in the short term.
more losses will occur $ETH?
If Ethereum fails to break through the $2,120 resistance level, a fresh decline could begin. The first support on the downside is near the $2,040 level. The first major support is located near the $2,025 zone.
A clear move below the $2,025 support could push the price towards the $2,000 support. Any further losses could send the price towards the $1,965 area. The main support could be at $1,880.
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 – $2,025
Major Resistance Level – $2,120
