Ethereum price started a new rally and remained stable above $2,380. $ETH It has now corrected its gains and could fall if it trades below $2,300.
- Ethereum started a downward correction from the $2,420 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 $2,365. $ETH/USD (data feed via Kraken).
- If the price remains below the $2,365 zone, the decline could continue.
Ethereum price cuts profits
Ethereum price managed to rise above the $2,320 support and started a new rally similar to Bitcoin. $ETH The price picked up pace to move above $2,380 and $2,385.
However, the bears were active near $2,420. The last swing high was formed at $2,423 before the downside correction occurred. The price fell below the $2,365 level. Additionally, the price broke below the bullish trend line with support at $2,365 on the hourly chart. $ETH/USD.
This price even tested the 50% Fib retracement level of the rally from the swing low of $2,220 to the high of $2,423. Ethereum price is currently trading below $2,360 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 $2,350 level. The first major resistance level is near the $2,380 level. The next major resistance level is near the $2,420 level. A clear break above the $2,420 resistance could send the price heading towards the $2,450 resistance. A break above the $2,450 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,500 resistance zone and even $2,550 in the short term.
further decline $ETH?
If Ethereum fails to clear the $2,360 resistance level, a downside correction could begin. The first support on the downside is near the $2,320 level. The first major support is located near the $2,300 zone.
A clear move below the $2,300 support could push the price towards the $2,265 support or the 76.4% Fib retracement level of the $2,220 swing low to $2,423 high. 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 losing momentum in the bullish zone.
hourly RSI – RSI $ETH/USD is currently below the 50 zone.
Major Support Level – $2,300
Major Resistance Level – $2,360
