Ethereum Price Rejected Near $2,400 Again, Sellers Defend Key Barrier
Ethereum price started a downside correction from $ 2,380. ETH is now showing a few bearish signs and might decline further if it trades below $ 2,300.
- Ethereum started a downside correction below the $ 2,360 zone.
- The price is trading below $ 2,350 and the 100-hourly Simple Moving Average.
- There was a break below a bullish trend line with support at $ 2,340 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it stays below the $ 2,350 zone.
Ethereum Price Dips Again
Ethereum price failed to stay above the $ 2,365 zone and extended its decline, like Bitcoin. ETH price gained pace for a move below the $ 2,350 and $ 2,340 levels.
There was a break below a bullish trend line with support at $ 2,340 on the hourly chart of ETH/USD. The bears pushed the price below the 50% Fib retracement level of the upward move from the $ 2,265 swing low to the $ 2,382 high.
Finally, the bulls appeared near $ 2,300. Ethereum price is now trading below $ 2,340 and the 100-hourly Simple Moving Average. If the bulls remain in action above $ 2,300, the price could attempt another increase. Immediate resistance is seen near the $ 2,340 level. The first key resistance is near the $ 2,365 level.
The next major resistance is near the $ 2,380 level. A clear move above the $ 2,380 resistance might send the price toward the $ 2,400 resistance. An upside break above the $ 2,400 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $ 2,440 resistance zone or even $ 2,450 in the near term.
More Downside In ETH?
If Ethereum fails to clear the $ 2,350 resistance, it could start a fresh decline. Initial support on the downside is near the $ 2,300 level and the 76.4% Fib retracement level of the upward move from the $ 2,265 swing low to the $ 2,382 high. The first major support sits near the $ 2,265 zone.
A clear move below the $ 2,265 support might push the price toward the $ 2,220 support. Any more losses might send the price toward the $ 2,200 region. The main support could be $ 2,150.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $ 2,300
Major Resistance Level – $ 2,380