Ethereum price continues to decline and tests the $2,350 support level. ETH is currently consolidating and could head for a fresh increase above the $2,400 resistance level.
Ethereum started a downside correction below the $2,400 zone.
The price is trading above $2,420 and the 100 hourly simple moving average.
There was a break below a short-term ascending channel with support at $2,425 on the hourly chart of ETH/USD (data feed from Kraken).
The pair needs to stay above the $2,350 support to start the next leg of the upside move in the near term.
Ethereum Price Continues to Fall
Ethereum price failed to start a rebound above the $2,500 resistance zone. ETH remains in a bearish zone like Bitcoin and trades below the $2,420 support zone.
There was also a decline below the $2,400 level. There was a break below a short-term rising channel with support at $2,425 on the hourly chart of ETH/USD. The price tested the $2,350 support area. A low was formed at $2,350 and the price is currently rising.
There was a move above the $2,350 and $2,360 levels. The price climbed above the 23.6% Fibonacci retracement level of the downward move from the $2,467 high to $2,350 low.
Ethereum price is currently trading below $2,425 and the 100 hourly simple moving average. On the upside, the price seems to be facing hurdles near the $2,400 level or the 50% Fib retracement level of the downward move from the $2,467 high to $2,350 low at $2,410.
A clear move above the $2,410 resistance level could push the price towards the $2,450 resistance level. A break above the $2,450 resistance level could lead to more gains in the coming sessions. In that case, Ether could rise towards the $2,550 resistance zone in the near term. The next hurdle lies near the $2,600 or $2,620 levels.
Any further losses in ETH?
If Ethereum fails to clear the $2,410 resistance, it could start another decline. The initial support on the downside is near the $2,365 level. The first major support is near the $2,350 area.
A clear move below the $2,350 support could push the price towards $2,300. Any further losses could push the price towards the $2,250 support in the near term. The next important support level lies at $2,120.
Technical indicators
Hourly MACD â The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI â The RSI for ETH/USD is currently below the 50 zone.
Major Support Level â $2,350
Major Resistance Level â $2,410
