Ethereum failed to continue above $ 2,500 and a new decline began against the US dollar. The price of ETH is showing signs of slowdown and may continue below $ 2,240.
- Ethereum is struggling to gain above the $ 2,400 and $ 2,500 levels.
- The price is now trading well below the $ 2,450 and 100-hour simple moving average.
- A major bearish trend line is forming on the ETH / USD hourly chart with resistance near $ 2,410 (data feed via Kraken).
- If it breaks the $ 2,200 support area in the short term then the pair may fall short.
Ethereum price is showing signs of slowdown
Ethereum began a good recovery from the $ 2,200 support area. ETH climbed above resistance levels of $ 2,300 and $ 2,350. However, the bulls failed to gain strength for a push above $ 2,450 and 100-hour moving average.
A new drop in price began and traded below the $ 2,400 level. It broke the 50% Fibonacci Retracement from a low of $ 2,200 to a high of $ 2,481.
It is now trading well below the $ 2,750 and 100-hour simple moving average. There is also a major bearish trend line forming with resistance near $2,410 on the hourly chart of ETH/USD. Ether is now testing 61.8% Fibonacci retracement, rising from a low of $ 2,200 to a high of $ 2,481.
Source: ETHUSD on TradingView.com
On the upside, the immediate resistance is near $ 2,360. The first major resistance is near the trend line and the $ 2,440 level. A close above the trend line could initiate a large increase toward the $ 2,500 level. next Major resistance $ 2,550 is near the level.
More loss in ETH?
If Ethereum fails to clear the resistance levels of $ 2,400 and $ 2,450, it may increase its decline. On the downside, initial support is near the $ 2,250 area.
The first major support is now near the $ 2,200 level. Below the support level of $ 2,200 the downside can cause a major drop. The next major support is near the $2,200 level. Any further losses could move the price towards the $ 1,850 support area, followed by the $ 1,700 area.
Hourly macd – MACD for ETH / USD is slowly losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH / USD is currently below the 50 level.
Key Support Level – $ 2,200
Major Resistance Level – $ 2,450