Ethereum Price Grinds Lower: Will Support Kick In Soon?
Ethereum price extended losses and traded below the $2,500 support. ETH is consolidating and might struggle to recover above the $2,500 resistance.
- Ethereum started a fresh decline from the $2,550 resistance zone.
- The price is trading below $2,480 and the 100-hourly Simple Moving Average.
- There is a new connecting bearish trend line forming with resistance at $2,445 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a recovery wave if it surpasses the $2,445 and $2,500 resistance levels.
Ethereum Price Extends Losses
Ethereum price struggled to stay above $2,500 and started a fresh decline like Bitcoin. ETH declined below the $2,450 and $2,420 levels.
It tested the $2,350 support zone. A low was formed at $2,357 and the price is now attempting to recover. There was a move above the $2,385 resistance zone. The price tested the 23.6% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.
Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average. There is also a new connecting bearish trend line forming with resistance at $2,445 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,445 level and the trend line. The first major resistance is near the $2,470 level or the 50% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.
The main resistance is now forming near $2,500. A clear move above the $2,500 resistance might send the price toward the $2,550 resistance. An upside break above the $2,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,620 resistance zone.
Another Decline In ETH?
If Ethereum fails to clear the $2,445 resistance, it could start another decline. Initial support on the downside is near the $2,380 level. The first major support sits near the $2,350 zone.
A clear move below the $2,350 support might push the price toward $2,285. Any more losses might send the price toward the $2,220 support level in the near term. The next key support sits at $2,150.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,360
Major Resistance Level – $2,500
