ethereum price extended losses and tested the $2,150 support. eth is struggling to recover and could continue to decline towards the $2,000 support zone.
- ethereum started a new decline below the $2,350 and $2,250 levels.
- The price is trading below $2250 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance near $2,240 on the hourly chart of eth/USD (data via Kraken).
- The pair attempts a fresh rise if it breaks the $2,240 and $2,280 levels.
ethereum price extends losses
ethereum price remained in a bearish zone below the $2,400 pivot level. eth extended its decline and traded below the $2,250 support level, like bitcoin.
It even shot below the $2,000 level. A new weekly low was formed near $2,165 and the price is now consolidating losses. There was a minor increase above the $2,220 level. The price tested the 23.6% Fibonacci retracement level of the descending wave from the high of $2,480 to the low of $2,165.
ethereum is now trading below $2,250 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $2240 level. A key downtrend line is also forming with resistance near $2240 on the hourly chart of eth/USD.
The next hurdle could be $2,280, above which the price could aim for a decent recovery. The next major resistance is now near $2,360 or the 61.8% Fib retracement level of the descending wave from the high of $2,480 to the low of $2,165.
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Fountain: ETHUSD on TradingView.com
A clear move above the $2,360 level could start a decent rise. In the indicated case, the price could rise towards the $2,415 level. Any further gains could send the price towards the $2,550 zone.
More losses on eth?
If ethereum fails to overcome the $2,440 resistance, it could start another decline. Initial support on the downside is near the $2200 level.
The next key support could be the $2,165 area. A downside break below the $2,165 support could push the price down further. In the given case, Ether could test the support at $2,120. Any further losses could send the price towards the $2,000 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $2,165
Main Resistance Level: $2,480
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