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Will Support Kick In Soon?

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Ethereum price extended its losses and was trading below the $2,500 support level. ETH is consolidating and may have difficulty recovering above the $2,500 resistance level.

  • Ethereum started a new decline from the $2,550 resistance area.
  • The price is trading below the $2,480 level and the 100 hourly simple moving average.
  • There is a new solid bearish trend line forming with resistance at $2,445 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a recovery wave if it crosses the $2,445 and $2,500 resistance levels.

Ethereum price extends losses

Ethereum price struggled to stay above $2,500 and started a new decline like Bitcoin. ETH fell below the $2,450 and $2,420 levels.

It tested the $2,350 support area. A bottom was formed at $2,357 and the price is now trying to recover. There was a move above the $2,385 resistance area. The price tested the 23.6% Fibonacci retracement level of the downward move from the high of $2,583 to the low of $2,357.

Ethereum price is now trading below the $2,500 level and the 100 hourly simple moving average. There is also a new solid downtrend line forming with resistance at $2,445 on the hourly chart of the ETH/USD pair.

On the upside, the price appears to be facing hurdles near the $2445 level and the trend line. The first major resistance is near the $2,470 level or the 50% Fibonacci retracement level of the downward move from the $2,583 swing high to the $2,357 low.

source: ETHUSD on TradingView.com

The main resistance is now forming near $2,500. A clear move above the $2,500 resistance level could send the price towards the $2,550 resistance level. A bullish break above the $2,550 resistance may require further gains in the coming sessions. In the mentioned case, the Ether price may rise towards the $2,620 resistance area.

Another drop in ETH?

If Ethereum fails to break above the $2,445 resistance level, it could start another decline. Initial support on the downside is near the $2,380 level. The first major support is near the $2,350 area.

A clear move below the $2,350 support could push the price towards $2,285. Any further losses could send the price towards the $2,220 support level in the near term. The next major support is at $2,150.

Technical indicators

MACD per hourThe MACD indicator for ETH/USD is losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 area.

Key Support Level – $2,360

Major resistance level – $2,500

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