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Will Support Kick In Soon?


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Ethereum price extended losses and traded below the $2,500 support. ETH is consolidating and might struggle to recover above the $2,500 resistance.

  • Ethereum started a fresh decline from the $2,550 resistance zone.
  • The price is trading below $2,480 and the 100-hourly Simple Moving Average.
  • There is a new connecting 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 surpasses the $2,445 and $2,500 resistance levels.

Ethereum Price Extends Losses

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

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

Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average. There is also a new connecting bearish trend line forming with resistance at $2,445 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,445 level and the trend line. The first major resistance is near the $2,470 level or the 50% Fib 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 might send the price toward the $2,550 resistance. An upside break above the $2,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,620 resistance zone.

Another Decline In ETH?

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

A clear move below the $2,350 support might push the price toward $2,285. Any more losses might send the price toward the $2,220 support level in the near term. The next key support sits at $2,150.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

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

Major Support Level – $2,360

Major Resistance Level – $2,500

Source