Ethereum price extended its decline to $2,220, below $2,200. ETH is currently trying to recover from $2,000, but faces a number of hurdles near $2,250.
Ethereum failed to break above $2,300 and a new decline began. The price is trading below the 100-hour simple moving average at $2,265. On the hourly chart of ETH/USD (data feed via Kraken), there is a major bearish trend line forming resistance at $2,250. If the price remains below the $2,350 zone, the decline could begin again.
Ethereum price faces resistance
Ethereum’s price failed to maintain stability above $2,320, and losses widened, similar to Bitcoin. ETH price traded below $2,220 and entered the bearish zone.
The bears pushed the price below $2,200. A low was formed at $2,107 and the price is currently trying to recover. There was a move above $2,220. Price tested the 23.6% Fib retracement level of the decline from the swing high of $3,040 to the low of $2,107.
However, the bears are active near $2,265. On the hourly chart of ETH/USD, there is also a major bearish trend line forming resistance at $2,250. Ethereum price is currently trading below the 100 hourly simple moving average at $2,265.
If the bulls sustain the action above $2,175, the price could try to move higher. Immediate resistance is seen near the $2,250 level. The first major resistance level is near the $2,265 level. The next major resistance level is near the $2,460 level. A clear move above the $2,460 resistance could move the price towards the $2,575 resistance or the 50% Fib retracement level of the decline from the $3,040 swing high to the $2,107 low.
A break above the $2,575 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,680 resistance zone and even $2,700 in the short term.
Will you drop ETH again?
If Ethereum fails to break through the $2,265 resistance level, a fresh decline could begin. Initial support on the downside is near the $2,200 level. The first major support is located near the $2,175 zone.
A clear move below the $2,175 support could push the price towards the $2,120 support. Any further losses could send the price towards the $2,050 area. The main support could be $2,000.
technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Major Support Level – $2,175
Major Resistance Level – $2,265
