Ethereum failed to continue above $ 2,500 and started a fresh decline against the US Dollar. ETH price is showing bearish signs and it could continue lower below $ 2,240.
- Ethereum is struggling to gain bullish momentum above the $ 2,400 and $ 2,500 levels.
- The price is now trading well below $ 2,450 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $ 2,410 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could accelerate lower if it breaks the $ 2,200 support zone in the near term.
Ethereum Price Is Showing Bearish Signs
Ethereum started a decent recovery from the $ 2,200 support zone. ETH climbed above the $ 2,300 and $ 2,350 resistance levels. However, the bulls failed to gain strength for a push above $ 2,450 and the 100 hourly simple moving average.
The price started a fresh decline and traded below the $ 2,400 level. It broke the 50% Fib retracement level of the upward move from the $ 2,200 swing low to $ 2,481 high.
It is now trading well below $ 2,450 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $ 2,410 on the hourly chart of ETH/USD. Ether is now testing the 61.8% Fib retracement level of the upward move from the $ 2,200 swing low to $ 2,481 high.
Source: ETHUSD on TradingView.com
On the upside, an immediate resistance is near the $ 2,360 level. The first major resistance is near the trend line and the $ 2,440 level. A close above the trend line could start a major increase towards the $ 2,500 level. The next major resistance is near the $ 2,550 level.
More Losses in ETH?
If Ethereum fails to clear the $ 2,400 and $ 2,450 resistance levels, it could extend its decline. An initial support on the downside is near the $ 2,250 zone.
The first major support is now near the $ 2,200 level. A downside break below the $ 2,200 support might spark a larger decline. The next key support is near the $ 2,200 level. Any more losses could lead the price towards the $ 1,850 support zone, followed by the $ 1,700 region.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Major Support Level – $ 2,200
Major Resistance Level – $ 2,450
