Ethereum is forming a bearish zone and it is trading below $2,350 against the US Dollar. If the price dips below $2,300, ETH price could decline.
- Ethereum extended its decline below the $2,400 and $2,350 levels.
- The price is now trading well below $2,400 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $2,380 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its decline if the bulls fail to defend the key $2,300 support area.
Ethereum price remains at risk
It even broke the $2,350 support area and yesterday’s low. The price is now trading well below $2,400 and the 100 hourly simple moving average. Ether is managing to stay above the key $2,300 support area. A lower level is formed near $2,304 and the price is consolidating losses.
An initial resistance is near the $2,350 level. The first major resistance is near the $2,380 level. There is also a key bearish trend line forming with resistance near $2,380 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The trend line is near the 23.6% Fib retracement level of the recent decline from the $2,640 high to $2,304 low. The first major resistance is near the $2,400 level. Major resistance is now forming near the $2,450 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the $2,640 high to $2,304 low.
More losses in ETH?
If Ethereum fails to clear the $2,380 and $2,400 resistance levels, it could continue to move lower. On the downside, an initial support is near the $2,320 level.
A major breakdown support is now forming near the $2,300 level. There could be a downside break below the recent lows and the $2,300 support level. In the said case, the price of Ether is likely to drop to $2,150 in the near term.
hourly macd – MACD for ETH/USD is struggling to gain momentum in the bullish zone.
hourly rsi – The RSI for ETH/USD is currently near the 40 level.
Key Support Level – $2,300
Key Resistance Level – $2,400