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Ethereum’s price has dropped over 5%, now trading below $2,350. The cryptocurrency is showing signs of increased selling pressure and could potentially fall to $2,120.
- Ethereum started another decline after it failed to clear $2,450.
- The price is trading below $2,320 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $2,400 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $2,320 resistance to start a recovery wave in the near term.
Ethereum Price Dips Again
Ethereum’s price failed to clear the critical $2,450 resistance level and consequently started another downward trend, similar to Bitcoin. However, ETH experienced a sharper decline than BTC, breaking through key support levels at $2,400. This was marked by a break below a significant bullish trend line with support at $2,400 on the hourly chart of ETH/USD.
Currently, Ethereum’s price has dropped by over 5%, moving below the $2,320 support zone. A new low has been established at $2,253, with the price now consolidating its losses. The cryptocurrency is trading below $2,320 and the 100-hourly Simple Moving Average. On the upside, Ethereum faces hurdles around the $2,300 level, which corresponds to the 23.6% Fib retracement level of the downward move from the $2,465 swing high to the $2,253 low.
Key Resistance Levels
The first major resistance for Ethereum is near the $2,320 level. A close above this level could propel Ether towards the $2,360 resistance. The next significant resistance is around $2,385, aligning with the 61.8% Fib retracement level of the downward move from the $2,465 swing high to the $2,253 low. Breaking above this resistance might lead to more gains, pushing Ethereum towards the $2,450 resistance zone in the near term.
More Downsides In ETH?
If Ethereum fails to break through the $2,320 resistance, another decline could be on the horizon. The initial support on the downside is near $2,250, with the first major support sitting around the $2,200 zone. A clear move below this support could push the price towards $2,150. Further losses might send Ethereum to the $2,120 support level in the short term, with the next key support sitting 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 now below the 50 zone.
- Major Support Level – $2,250
- Major Resistance Level – $2,320
