Ethereum Price Drops After Bullish Attempt — Support Area Under Pressure

Ethereum price started a fresh decline from the $2,520 zone. ETH is now back below $2,450 and struggling to stay above the $2,350 support.

• Ethereum started a fresh decline from the $2,520 level.
• The price is trading below $2,450 and the 100-hourly Simple Moving Average.
• There was a break below a key bullish trend line with support at $2,450 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it remains stable above the $2,350 zone in the near term.

Ethereum Price Trims Gains

Ethereum price started a fresh decline from the $2,520 resistance, like Bitcoin. ETH price declined below the $2,500 and $2,450 levels to enter a short-term bearish zone.

Besides, there was a break below a key bullish trend line with support at $2,450 on the hourly chart of ETH/USD. The pair even spiked below the $2,400 level. A low was formed at $2,373 and the price is now attempting to recover some losses.

It climbed above the 23.6% Fib retracement level of the downward move from the $2,523 swing high to the $2,373 low. Ethereum price is now trading below $2,450 and the 100-hourly Simple Moving Average.

On the upside, the price could face resistance near the $2,420 level. The next key resistance is near the $2,450 level. It is close to the 50% Fib retracement level of the downward move from the $2,523 swing high to the $2,373 low. The first major resistance is near the $2,465 level. A clear move above the $2,465 resistance might send the price toward the $2,520 resistance.

An upside break above the $2,520 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,550 resistance zone or even $2,650 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,450 resistance, it could start a fresh decline. Initial support on the downside is near the $2,375 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 $2,280 support. Any more losses might send the price toward the $2,220 support level in the near term. The next key support sits at $2,150.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,350

Major Resistance Level – $2,450