ethereum price turns lower again from the $2,325 resistance. eth could fall sharply if there is a move below the $2,270 support zone.
- ethereum is showing some bearish signs from the $2,325 zone.
- The price is trading below $2300 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance near $2,300 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a new rise if it manages to break through the $2,325 resistance zone.
ethereum Price Struggles Below $2,325
ethereum price attempted a fresh rise above the $2,300 level. However, eth faced strong selling interest near the $2,325 zone. A high was formed near $2,327 and the price began a new decline, like bitcoin.
There was a move below the $2,300 support zone. The price even spiked below $2,280 and traded below the 50% Fibonacci retracement level of the upward move from the low of $2,241 to the high of $2,327. ethereum is now trading below $2,300 and the 100 hourly simple moving average.
The bulls are now protecting the $2270 support or the 61.8% Fibonacci retracement level of the upward move from the low of $2241 to the high of $2327. On the upside, the first major resistance is near the level of $2,300. There is also a key bearish trend line forming with resistance near $2,300 on the hourly chart of eth/USD.
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Fountain: ETHUSD on TradingView.com
The next major resistance is near $2,325, above which the price could rise and test the resistance of $2,380. If the bulls push the price above the $2,380 resistance, they could target $2,440. A clear move above the $2,440 level could push the price up further. In the indicated case, the price could rise towards the $2,500 level.
More losses on eth?
If ethereum fails to overcome the $2,325 resistance, it could start another decline. Initial support on the downside is near the $2270 level.
The next key support could be the $2240 area. A clear move below the $2,240 support could send the price towards $2,200. The main support could be $2,120. Any further losses could send the price towards the $2,080 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: $2240
Main Resistance Level: $2,325
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