ethereum price is consolidating gains below the $2,350 resistance zone. eth could revisit the $2,200 support before a new rise begins.
- ethereum still holds gains above the $2,250 support zone.
- The price is trading below $2280 and the 100 hourly simple moving average.
- A connecting bearish trend line is forming with resistance near $2,290 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could extend its decline and revisit the $2200 support zone.
ethereum price remains in a range
ethereum price started a downward correction from the $2,350 level. eth fell below the $2,320 and $2,300 levels. It even shot below the $2,250 level.
A low was formed near $2,247 and the price is now attempting a new rise, like bitcoin. There was a move above the $2265 level. The price rose above the 23.6% Fibonacci retracement level of the downward move from the high of $2327 to the low of $2247.
ethereum is now trading below $2,280 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $2,290 level. A connecting bearish trend line is also forming with resistance near $2,290 on the hourly chart of eth/USD.
The trend line is near the 50% Fibonacci retracement level of the downward move from the high of $2,327 to the low of $2,247. A close above the $2,290 resistance could send the price towards $2,320.
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Fountain: ETHUSD on TradingView.com
The main resistance is located at $2,350. A clear move above the $2,350 zone could start a major rise. The next resistance lies at $2,420, above which ethereum could rally and test the $2,550 area.
More losses on eth?
If ethereum fails to overcome the $2,290 resistance, it could start a new decline. Initial support on the downside is near the $2,250 level.
The first key support could be the $2220 area. A break down and close below $2,220 could spark more bearish moves. In the given case, Ether could revisit the $2,120 support. Any further losses could send the price towards the $2,040 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $2220
Main Resistance Level: $2290
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