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Ethereum price is consolidating gains below the $2,350 resistance zone. ETH could revisit the $2,200 support before it starts a fresh increase.
- Ethereum is still holding gains above the $2,250 support zone.
- The price is trading below $2,280 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance near $2,290 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its decline and revisit the $2,200 support zone.
Ethereum Price Remains In A Range
Ethereum price started a downside correction from the $2,350 level. ETH declined below the $2,320 and $2,300 levels. It even spiked below the $2,250 level.
A low was formed near $2,247 and the price is now attempting a fresh increase, like Bitcoin. There was a move above the $2,265 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,327 swing high to the $2,247 low.
Ethereum is now trading below $2,280 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,290 level. There is also a connecting bearish trend line forming with resistance near $2,290 on the hourly chart of ETH/USD.
The trend line is close to the 50% Fib retracement level of the downward move from the $2,327 swing high to the $2,247 low. A close above the $2,290 resistance could send the price toward $2,320.
Source: ETHUSD on TradingView.com
The main resistance sits at $2,350. A clear move above the $2,350 zone could start a major increase. The next resistance sits at $2,420, above which Ethereum might rally and test the $2,550 zone.
More Losses in ETH?
If Ethereum fails to clear the $2,290 resistance, it could start a fresh decline. Initial support on the downside is near the $2,250 level.
The first key support could be the $2,220 zone. A downside break and a close below $2,220 might spark more bearish moves. In the stated case, Ether could revisit the $2,120 support. Any more losses might send the price toward the $2,040 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,220
Major Resistance Level – $2,290
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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