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ethereum price gained bearish momentum and traded below $2,350. eth is consolidating losses and it might struggle to recover above $2,350.
- ethereum started another decline below $2,350 and $2,320.
- The price is trading below $2,310 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance at $2,360 on the hourly chart of eth/USD (data feed from Kraken).
- The pair must overcome the resistance of $2,360 to start a recovery wave in the near term.
ethereum price begins to consolidate
ethereum price failed to clear the $2,450 resistance and started another decline as bitcoin. eth traded below the $2,400 and $2,350 support levels to enter a bearish zone.
The price even dropped below the $2,320 level. A low was formed at $2,253 and the price is now consolidating losses. There was a small recovery wave above the $2,285 level. The price tested the 23.6% Fibonacci retracement level of the downward wave from the $2,466 high to $2,253 low.
ethereum price is now trading below the $2,310 level and the 100 hourly simple moving average. On the upside, the price seems to be facing hurdles near the $2,300 level. There is also a descending channel forming with resistance at $2,300 on the hourly chart of eth/USD.
The first major resistance is near the $2,340 level. The next key resistance is near $2,360 or the 50% Fib retracement level of the downward wave from the $2,466 high to $2,253 low. There is also a major bearish trend line forming with resistance at $2,360 on the same chart.
A bullish break above the $2,360 resistance could lead to further gains. In the stated case, Ether could rally towards the $2,420 resistance zone in the near term. The next hurdle lies near the $2,465 level.
More losses for eth?
If ethereum fails to clear the $2,360 resistance, it could start another decline in the near term. The initial support on the downside is near $2,265. The first major support lies near the $2,250 zone.
A clear move below the $2250 support could propel the price towards $2200. Any further losses could send the price towards the $2150 support level in the near term. The next key support lies at $2120.
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: $2250
Major Resistance Level: $2300
(tags to translate)ethbtc
