Ethereum price corrected gains and tested the $2,320 zone. ETH is now struggling and might decline toward the $2,220 support zone.
Ethereum started a correction from the $2,580 zone and tested $2,320.
The price is trading below $2,500 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain strength if it clears the $2,550 resistance in the near term.
Ethereum Price Dips Again
Ethereum price struggled to clear the $2,520 resistance and started a downside correction, unlike Bitcoin. ETH traded below the $2,500 and $2,440 support levels.
The bears were able to push the price below the 50% Fib retracement level of the upward move from the $2,308 swing low to the $2,509 high. The price even spiked below the $2,440 level, but the bulls were active near the $2,400 zone.
The price is stable above the 61.8% Fib retracement level of the upward move from the $2,308 swing low to the $2,509 high. Ethereum price is now trading below $2,450 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance at $2,540 on the hourly chart of ETH/USD.
If there is another increase, the price could face resistance near the $2,460 level. The next key resistance is near the $2,500 level. The first major resistance is near the $2,550 level and the trend line. A clear move above the $2,550 resistance might send the price toward the $2,580 resistance.
An upside break above the $2,580 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,700 resistance zone or even $2,780 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,500 resistance, it could start a fresh decline. Initial support on the downside is near the $2,400 level. The first major support sits near the $2,350 zone.
A clear move below the $2,350 support might push the price toward the $2,320 support. Any more losses might send the price toward the $2,220 support level in the near term. The next key support sits at $2,120.
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 – $2,400
Major Resistance Level – $2,500
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
