ethereum price started a fresh decline from the $2,350 resistance. eth is now testing the $2,240 support and remains at risk of further downside.
- ethereum started a fresh decline after it failed to break above the $2,350 resistance 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 hold above the $2240 level.
ethereum price foresees a new increase
ethereum price attempted a fresh rise above the $2,320 resistance zone. However, eth struggled to gain strength to break above the $2,350 resistance zone, like bitcoin.
A high was formed near $2,350 and the price started a new decline. There was a clear move below the $2,320 and $2,300 levels. The price retested the support of $2240. A low is formed near $2241 and the price is now consolidating losses.
It is testing the 23.6% Fibonacci retracement level of the downward move from the high $2,350 to the low $2,241. There is also a key bearish trend line forming with resistance near $2,300 on the chart eth/USD schedule.
ethereum is now trading below $2,300 and the 100 hourly simple moving average. On the upside, the first major resistance is near the $2,275 level. The next major resistance is near $2,300 or the trend line. It is close to the 50% retracement level of the downward move from the high of $2,350 to the low of $2,241.
<img decoding="async" class="alignnone size-full wp-image-572711" src="https://www.newsbtc.com/wp-content/uploads/2024/02/ethereum.png?resize=1024%2C461″ alt=”ethereum Price ” width=”1024″ height=”461″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/02/ethereum.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/ethereum.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/ethereum.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/ethereum.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/ethereum.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/ethereum.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/ethereum.png?resize=1024%2C461?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
The next key resistance could be $2,325, above which the price could rise and test the resistance of $2,350. If the bulls push the price above the $2,350 resistance, they could target $2,400. A clear move above the $2,400 level could push the price up further. In the indicated case, the price could rise towards the $2,450 level.
More losses on eth?
If ethereum fails to overcome the $2,300 resistance, it could continue down. Initial support on the downside is near the $2240 level.
The next key support could be the $2,200 area. A daily close below the $2,200 support could start another steady decline. In the given case, Ether could test the support at $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: $2,300
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