ethereum price extended losses and tested the $2,300 support. eth is now attempting a recovery wave above the $2,340 level and could test $2,390.
- ethereum started a new decline below the $2,420 and $2,400 levels.
- The price is trading below $2,400 and the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance near $2,340 on the hourly chart of eth/USD (data via Kraken).
- The pair attempts a fresh rise if it breaks the $2,390 and $2,400 levels.
ethereum price revisits $2,300
ethereum price struggled to start a fresh rise above the $2,550 and $2,580 resistance levels. eth started a new decline and traded below the $2,400 support like bitcoin.
There was a move below the $2,350 level. A new weekly low was formed near $2,302 and the price is now consolidating losses. There was a minor increase above the $2,330 level. The price rose above the 23.6% Fibonacci retracement level of the downward move from the high of $2,479 to the low of $2,302.
There was also a break above a connecting bearish trend line with resistance near $2,340 on the hourly chart of eth/USD. ethereum is now trading below $2,400 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $2,365 level.
The next hurdle could be $2,390 or the 50% Fibonacci retracement level of the downward move from the high of $2,479 to the low of $2,302. The next major resistance is now near $2,400. A clear move above the $2,400 level could start a decent rise. In the indicated case, the price could rise towards the $2,480 level.
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Fountain: ETHUSD on TradingView.com
The next key hurdle lies near the $2,500 area. A close above the $2,500 resistance could start another steady rise. In the indicated case, Ether price could rise towards the $2,650 zone.
Another drop in eth?
If ethereum fails to overcome the $2,390 resistance, it could start another decline. Initial support on the downside is near the $2,320 level.
The next key support could be the $2,300 zone. A downside break below the $2,300 support could push the price down further. In the given case, Ether could test the support at $2,250. Any further losses could send the price towards the $2200 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $2,300
Main resistance level: $2,390
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