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Ethereum Price Slips Below Support, Bears Seize Momentum

Source Newsbtc

Ethereum price started a fresh decline and traded below $2,250. ETH is now consolidating above $2,175 and might struggle to recover.

Ethereum started a downside correction from the $2,330 zone.
The price is trading below $2,220 and the 100-hourly Simple Moving Average.
There was a break below a bullish trend line with support at $2,210 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it stays above the $2,140 zone.

Ethereum Price Dips Again

Ethereum price failed to remain stable above $2,250 and started a downside correction, like Bitcoin. ETH price dipped below the $2,220 and $2,200 levels.

Besides, there was a break below a bullish trend line with support at $2,210 on the hourly chart of ETH/USD. The pair traded as low as $2,176, and is currently consolidating losses below the 23.6% Fib retracement level of the downward move from the $2,329 swing high to the $2,175 low.

Ethereum price is now trading below $2,250 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,175, the price could attempt another increase.

Immediate resistance is seen near the $2,210 level. The first key resistance is near the $2,235 level. The next major resistance is near the $2,250 level or the 50% Fib retracement level of the downward move from the $2,329 swing high to the $2,175 low.

A clear move above the $2,250 resistance might send the price toward the $2,290 resistance. An upside break above the $2,290 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,320 resistance zone or even $2,350 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,235 resistance, it could start a fresh decline. Initial support on the downside is near the $2,175 level. The first major support sits near the $2,140 zone.

A clear move below the $2,140 support might push the price toward the $2,110 support. Any more losses might send the price toward the $2,060 region. The main support could be $2,020.

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 – $2,140

Major Resistance Level – $2,235

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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