Ethereum price started a fresh decline below the $2,350 zone. ETH is now correcting some losses from the $2,000 support and might face hurdles.
- Ethereum started a fresh decline below the $2,320 support zone.
- The price is trading below $2,220 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $2,080 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $2,230 and $2,275 resistance levels to start a decent increase.
Ethereum Price Finds Support At $2,000
Ethereum price started a fresh decline from the $2,550 resistance zone, similar to Bitcoin. ETH gained bearish momentum below the $2,420 and $2,350 support levels.
There was a clear move below the $2,220 support zone and the 100-hourly Simple Moving Average. The price even tested the $2,000 zone, forming a low at $2,003. Presently, the price is attempting to recover above the 23.6% Fib retracement level of the downward move from the $2,550 swing high to the $2,003 low.
A break above a connecting bearish trend line with resistance at $2,080 on the hourly chart of ETH/USD has occurred. However, Ethereum’s price is currently trading below $2,220 and the 100-hourly Simple Moving Average, indicating persistent bearish pressure.
On the upside, the price seems to encounter hurdles near the $2,220 level, with the first major resistance near $2,275, aligning with the 50% Fib retracement level of the recent decline.
A clear move above the $2,275 resistance may propel the price towards the $2,350 resistance. If Ethereum can break this level decisively, further gains could push the asset towards the $2,450 zone or even $2,500 in the near term.
Another Drop In ETH?
Conversely, if Ethereum fails to break through the $2,275 resistance, it may start another descent. Initial support on the downside rests near the $2,130 level, while the first major support sits around the $2,080 zone.
A clear drop below the $2,080 support could send the price towards the $2,020 level. Any further losses may risk pushing Ethereum back towards the $2,000 support in the near term, with the next significant support located at $1,880.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently losing momentum in the bearish territory.
Hourly RSI – The RSI for ETH/USD has dipped below the 50 mark.
Major Support Level – $2,080
Major Resistance Level – $2,275
