Ethereum is still in a bearish zone, trading below $2,350 per US dollar. If the price of ETH closes below $2,300, it may continue to fall.
- The price of Ethereum has continued to fall below the $2,400 and $2,350 marks.
- The price has dropped significantly below $2,400 and the 100 hourly simple moving average.
- On the hourly chart of ETH/USD, a key negative trend line is forming with resistance near $2,380. (data feed via Kraken).
- If the bulls fail to defend the critical $2,300 support zone, the pair could continue to fall.
The Price of Ethereum Is Still In Danger
Ethereum, like bitcoin, began a gradual fall from well above $2,500. To enter a bearish zone, ETH traded below the $2,450 and $2,400 support levels.
A break below the $2,350 support zone and yesterday’s low was also seen. The price has dropped significantly below $2,400 and the 100 hourly simple moving average. Ether has managed to hold above the crucial $2,300 support level. Near $2,304, a low has developed, and the price is consolidating losses.
The trend line is close to the 23.6 percent Fib retracement level of the current dip from the swing high of $2,640 to the low of $2,304. Near the $2,400 mark, the first substantial resistance exists. Near the $2,450 level and the 100 hourly simple moving average, the main resistance is building. It’s close to the 50% Fib retracement level of the latest collapse from the swing high of $2,640 to the low of $2,304.
Is There Going to Be More ETH Losses?
Ethereum may continue to fall if it fails to break through the $2,380 and $2,400 barrier levels. On the downside, $2,320 serves as an initial support level.
Near the $2,300 level, the main breakdown support is currently emerging. A break to the negative below the recent low and the $2,300 support level might trigger a catastrophic collapse. In the above scenario, the price of ether is anticipated to fall to $2,150 in the near future.
Technical Indicators
The MACD for ETH/USD is struggling to establish traction in the positive zone on an hourly basis.
RSI on an hourly basis — The RSI for ETH/USD is now approaching 40.
$2,300 – Major Support Level
$2,400 is the major resistance level.
