Ethereum price extended its decline below $2,200 and $2,120. $ETH is currently trying to recover from $2,075, but faces a number of hurdles near $2,220.
- Ethereum failed to break above $2,250 and a new decline began.
- The price is trading below $2,200 and the 100 hourly simple moving average.
- On the hourly chart of , there is a major bearish trend line forming resistance at $2,255. $ETH/USD (data feed via Kraken).
- If the price remains below the $2,320 zone, the decline could begin again.
Ethereum price falls further
Ethereum's price failed to maintain stability above $2,250, and losses widened, similar to Bitcoin. $ETH The price fell below $2,200 and entered the bearish zone.
The bears pushed the price below $2,120. A low was formed at $2,073 and the price is currently trying to recover. Despite the move above $2,120, the price remained well below the 23.6% Fib retracement level of the decline from the swing high of $3,040 to the low of $2,073.
Ethereum price is currently trading below $2,200 and its 100 hourly simple moving average. There is also a major bearish trendline forming resistance at $2,255 on the hourly chart. $ETH/USD.
If the bulls sustain the action above $2,100, the price could try to move higher. Immediate resistance is seen near the $2,200 level. The first significant resistance is near the $2,250 level and trendline. The next major resistance level is near the $2,390 level.
A clear move above the $2,390 resistance could send the price towards the $2,550 resistance or the 50% Fib retracement level of the decline from the swing high of $3,040 to the low of $2,073. A break above the $2,550 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,650 resistance zone and even $2,665 in the short term.
more losses will occur $ETH?
If Ethereum fails to break through the $2,250 resistance level, a fresh decline could begin. Initial support on the downside is near the $2,100 level. The first major support is located near the $2,075 zone.
A clear move below the $2,075 support could push the price towards the $2,050 support. Any further losses could send the price towards the $2,000 area. The main support could be at $1,880.
technical indicators
Hourly MACD – MACD of $ETH/USD is gaining momentum in the bearish zone.
hourly RSI – RSI $ETH/USD is currently below the 50 zone.
Major Support Level – $2,075
High resistance level – $2,250
