Ethereum Price Analysis

Ethereum price started a fresh decline from the $2,350 resistance zone. ETH is now consolidating losses and might extend losses toward the $2,000 support.

• Ethereum is facing an increase in selling below the $2,350 zone.
• The price is trading below $2,250 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $2,260 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a decent recovery wave if it settles above $2,250 and $2,350.

Ethereum Price Dips Further

Ethereum price failed to clear the $2,450 resistance zone and started a fresh decline, similar to Bitcoin. ETH gained pace below the $2,350 and $2,320 support levels to move further into a bearish zone.

The price declined over 5% and even traded below the $2,220 support zone. A low was formed at $2,123 and the price is now consolidating losses, showing many bearish signs below the 23.6% Fib retracement level of the downward wave from the $2,520 swing high to the $2,123 low.

Ethereum price is now trading below $2,250 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $2,260 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,220 level. The first major resistance is at $2,250 (trend line and the 50% Fib retracement level from the $2,520 swing high to the $2,123 low).

The main resistance is now forming near $2,350. A clear move above the $2,360 resistance might send the price toward the $2,450 resistance. An upside break above the $2,450 resistance could lead to more gains, with Ether potentially rising toward the $2,500 or even $2,550 range in the near term.

More Losses In ETH?

If Ethereum fails to clear the $2,250 resistance, it could start another decline. Initial support on the downside is near the $2,120 level, with the first major support at around the $2,050 zone.

A clear move below the $2,050 support may push the price toward the $2,000 support. Further losses could lead the price down toward the $1,880 support level in the near term, with the next key support at $1,750.

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: $2,120
• Major Resistance Level: $2,260