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Ethereum price started a fresh decline from the $2,450 resistance zone. ETH is now consolidating losses and might face hurdles near $2,400 and $2,450.
- Ethereum is facing an increase in selling below the $2,450 zone.
- The price is trading below $2,500 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $2,390 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent upward move if it settles above $2,400 and $2,500.
Ethereum Price Extends Losses
Ethereum price failed to clear the $2,550 resistance zone and started a fresh decline, like Bitcoin. ETH gained pace below the $2,500 and $2,450 support levels to move further in a bearish zone.
The price declined over 5% and even traded below the $2,320 support zone. A low was formed at $2,251 and the price is now consolidating losses. There was a minor recovery wave above the 23.6% Fib retracement level of the downward move from the $2,519 swing high to the $2,251 low.
Ethereum price is now trading below $2,450 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance at $2,390 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,380 level or the 50% Fib retracement level of the downward move from the $2,519 swing high to the $2,251 low. The first major resistance is near the $2,420 level. The main resistance is now forming near $2,450.
A clear move above the $2,450 resistance might send the price toward the $2,500 resistance. An upside break above the $2,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,550 resistance zone or even $2,620 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $2,500 resistance, it could start another decline. Initial support on the downside is near the $2,315 level. The first major support sits near the $2,250 zone.
A clear move below the $2,250 support might push the price toward the $2,200 support. 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 gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,250
Major Resistance Level – $2,500
