Ethereum price extended its decline below the $2,350 level. ETH is now recovering from losses and faces a major hurdle near the $2,300 zone.
Ethereum declined further and traded below the $2,350 zone. The price is trading below $2,400 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $2,400 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $2,400 and $2,420 resistance levels to start a decent increase in the near term.
Ethereum Price Eyes Recovery
Ethereum price remained in a bearish zone and extended losses below the $2,400 level. ETH traded below the $2,350 support to move further in a bearish zone like Bitcoin.
The price even spiked below the $2,320 support level. A low was formed near $2,311 and the price is now consolidating losses. There was a minor increase above the $2,350 level. The price is still below the 23.6% Fib retracement level of the downward wave from the $2,655 swing high to the $2,311 low.
Ethereum price is now trading below $2,400 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,400 level. There is also a key bearish trend line forming with resistance at $2,400 on the hourly chart of ETH/USD.
A clear move above the trend line resistance might send the price toward the $2,480 resistance. It is close to the 50% Fib retracement level of the downward wave from the $2,655 swing high to the $2,311 low.
An upside break above the $2,480 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,550 resistance zone in the near term. The next hurdle sits near the $2,650 level or $2,665.
Another Decline In ETH?
If Ethereum fails to clear the $2,400 resistance, it could start another decline. Initial support on the downside is near the $2,350 level. The first major support sits near the $2,300 zone.
A clear move below the $2,300 support might push the price toward $2,220. Any more losses might send the price toward the $2,120 support level in the near term. The next key support sits at $2,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,300
Major Resistance Level – $2,400
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In conclusion, Ethereum has been facing challenges in its price movement, but there are signs of potential recovery if key resistance levels are surpassed. The cryptocurrency market remains volatile, and traders should keep a close eye on technical indicators to make informed decisions. With the support at $2,300 and resistance at $2,400, the coming days could be crucial for Ethereum’s price action.
For more news and analysis on Ethereum and other cryptocurrencies, stay tuned to DeFi Daily News for in-depth coverage and expert opinions on the evolving landscape of digital assets.
