ethereum price falls back below the $2,200 support. eth is showing some bearish signs and could fall further below $2,000.
- ethereum started a fresh decline from the $2,330 resistance zone.
- The price is trading below $2220 and the 100 hourly simple moving average.
- A connecting bearish trend line is forming with resistance near $2,210 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could accelerate lower if there is a break below the $2,135 support.
ethereum price falls again
ethereum price failed to gain strength to make further gains above the $2,300 resistance. eth peaked near the $2,330 zone and began a new decline, like bitcoin.
There was a move below the $2,250 and $2,220 levels. The price even fell below the 50% Fibonacci retracement level of the key rise from the low of $1,980 to the high of $2,330. The bears are now in control below the $2,180 support zone.
ethereum is trading below $2,220 and the 100 hourly simple moving average. There is also a connecting bearish trend line forming with resistance near $2,210 on the hourly chart of eth/USD.
If there is a fresh rise, the price could face resistance near the $2,200 zone. The next key resistance is near the $2,210 level and the trend line. The main resistance is now at $2,250. A clear move above the $2,250 zone could send the price towards the $2,330 level.
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Fountain: ETHUSD on TradingView.com
The next resistance is located at $2,400. Any further gains could start a wave towards the $2,550 level, above which ethereum could rally and test the $2,750 zone.
More losses on eth?
If ethereum fails to overcome the $2,210 resistance, it could continue down. Initial support on the downside is near the $2,135 level or the latest low.
The first key support could be the $2,080 area. It is near the 1.236 Fib extension level of the key rally from the $1,980 low to $2,330 high. A downside break below $2,080 could start another major decline. In the indicated case, Ether could even fall below the $2,000 support.
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: $2,135
Main Resistance Level: $2210
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