Ethereum Price Eyes Downside Thrust: Will It Slip Further?

NewsBTC
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Ethereum price started another decline below the $2,550 support. ETH could dive toward the $2,250 support zone before the bulls emerge.


  • Ethereum started a fresh decline below the $2,550 level.

  • 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 $2,500 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair must stay above $2,400 to start another increase in the near term.


Ethereum Price Extends Losses


Ethereum price failed to stay above the $2,620 support and extended losses. ETH traded below the $2,550 and $2,500 support levels like Bitcoin. It even tested the $2,400 support.


A low was formed near $2,401 and the price is now attempting a recovery wave. There was a move above the $2,420 level. The price is testing the 23.6% Fib retracement level of the downward wave from the $2,596 swing high to the $2,401 low.


Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance at $2,500 on the hourly chart of ETH/USD.


On the upside, the price seems to be facing hurdles near the $2,500 level and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the downward wave from the $2,596 swing high to the $2,401 low.

Ethereum Price

The first major resistance is near the $2,550 level. A close above the $2,550 level might send Ether toward the $2,620 resistance. The next key resistance is near $2,660. An upside break above the $2,660 resistance might send the price higher toward the $2,800 resistance zone in the near term.


More Downsides In ETH?


If Ethereum fails to clear the $2,500 resistance, it could start another decline. Initial support on the downside is near $2,420. The first major support sits near the $2,400 zone.


A clear move below the $2,400 support might push the price toward $2,320 where the bulls could emerge. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,110.


Technical Indicators


Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe 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.

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