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Ethereum price has been on a downward trend, trading below the $2,350 mark. The cryptocurrency is currently consolidating its losses and could face difficulties in mounting a recovery above $2,350.
- Ethereum has experienced another decline, falling below the $2,350 and $2,320 levels.
- The price is currently trading below $2,310 and the 100-hourly Simple Moving Average.
- There is a major bearish trend line forming with resistance at $2,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must overcome the $2,360 resistance to initiate a recovery wave in the near term.
Ethereum Price Starts Consolidation
Ethereum price encountered resistance at $2,450 and commenced another decline, similar to Bitcoin. ETH fell below the crucial support levels of $2,400 and $2,350, entering a bearish phase. The price even dipped below $2,320, hitting a low of $2,253. It is now consolidating its losses, with a minor recovery wave pushing it above the $2,285 level.
The price tested the 23.6% Fib retracement level of the downward wave from the $2,466 swing high to the $2,253 low. At present, Ethereum is trading below $2,310 and the 100-hourly Simple Moving Average. On the upside, the price faces significant resistance near the $2,300 level, with a declining channel forming resistance at this point on the hourly chart of ETH/USD.
The first major resistance lies near the $2,340 level, followed by key resistance at $2,360. This level corresponds with the 50% Fib retracement of the downward wave from the $2,466 swing high to the $2,253 low. Additionally, a major bearish trend line offers resistance at $2,360 on the same chart.
Potential Upside for Ethereum
Should Ethereum break above the $2,360 resistance, it could pave the way for further gains. In such a scenario, Ether may climb towards the $2,420 resistance zone in the near term, with the next significant hurdle around the $2,465 level.
More Losses in ETH?
If Ethereum fails to surpass the $2,360 resistance, it may face another decline. Initial support on the downside is around $2,265, with the first major support zone near $2,250. A definitive move below the $2,250 support could push the price towards $2,200. Continued losses might drive the price down to the $2,150 support level, with the next key support situated at $2,120.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI: The RSI for ETH/USD is currently below the 50 zone.
Major Support Level: $2,250
Major Resistance Level: $2,300
