Ethereum price extended its decline below $2,200 and $2,120. ETH is now attempting to recover from $2,075 but faces many hurdles near $2,220.
- Ethereum failed to stay above $2,250 and started a fresh decline.
- The price is trading below $2,200 and the 100-hourly Simple Moving Average.
- There is a major bearish trend line forming with resistance at $2,255 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it stays below the $2,320 zone.
Ethereum Price Dips Further
Ethereum price failed to remain stable above $2,250 and extended losses, like Bitcoin. ETH price traded below $2,200 to enter a bearish zone.
The bears even pushed the price below $2,120. A low was formed at $2,073 and the price is now attempting to recover. There was a move above $2,120, but the price stayed well below the 23.6% Fib retracement level of the downward move from the $3,040 swing high to the $2,073 low.
Ethereum price is now trading below $2,200 and the 100-hourly Simple Moving Average. There is also a major bearish trend line forming with resistance at $2,255 on the hourly chart of ETH/USD.
If the bulls remain in action above $2,100, the price could attempt another increase. Immediate resistance is seen near the $2,200 level. The first key resistance is near the $2,250 level and the trend line. The next major resistance is near the $2,390 level.
A clear move above the $2,390 resistance might send the price toward the $2,550 resistance or the 50% Fib retracement level of the downward move from the $3,040 swing high to the $2,073 low. An upside break above the $2,550 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,650 resistance zone or even $2,665 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $2,250 resistance, it could start a fresh decline. Initial support on the downside is near the $2,100 level. The first major support sits near the $2,075 zone.
A clear move below the $2,075 support might push the price toward the $2,050 support. Any more losses might send the price toward the $2,000 region. The main support could be $1,880.
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 – $2,075
Major Resistance Level – $2,250
