Ethereum Price Analysis
Ethereum price started a fresh decline from the $2,450 resistance zone. ETH is now consolidating losses and might face hurdles near $2,400 and $2,450.
- Ethereum is facing an increase in selling below the $2,450 zone.
- The price is trading below $2,500 and the 100-hourly Simple Moving Average.
- A connecting bearish trend line is forming with resistance at $2,390 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent upward move if it settles above $2,400 and $2,500.
Ethereum Price Extends Losses
Ethereum price failed to clear the $2,550 resistance zone and started a fresh decline, similar to Bitcoin. ETH lost momentum below $2,500 and $2,450 support levels, entering a bearish zone.
The price dropped over 5% and even traded below the $2,320 support zone, forming a low at $2,251. Currently, it is consolidating losses and recovering slightly above the 23.6% Fib retracement level of the move from $2,519 to $2,251.
Currently, Ethereum price trades below $2,450 and the 100-hourly Simple Moving Average. A connecting bearish trend line is forming with resistance at $2,390 on the hourly chart of ETH/USD.
On the upside, hurdles appear near the $2,380 level or the 50% Fib retracement level of the downward move from the $2,519 swing high to the $2,251 low. The first major resistance is near $2,420, with the main resistance forming near $2,450.
A clear move above the $2,450 resistance might propel the price toward the $2,500 resistance. A breakout above $2,500 could lead to significant gains, with Ether possibly rising to $2,550 or even $2,620 in the near term.
Another Drop In ETH?
If Ethereum fails to break the $2,500 resistance, another decline could occur. Initial support on the downside is near the $2,315 level, and the first major support is located around the $2,250 zone.
A clear move below the $2,250 support could push the price toward $2,200. Further declines may send prices to the $2,120 support level in the near term, with the next key support at $2,050.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD is gaining momentum in the bearish zone.
- Hourly RSI: The RSI for ETH/USD is below the 50 zone.
- Major Support Level: $2,250
- Major Resistance Level: $2,500
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