Ethereum is still in bearish territory and traded below $2,350 against the US Dollar. ETH price could accelerate lower if there is a close below $2,300.
- Ethereum extended its decline below the $2,400 and $2,350 levels.
- The price is now trading well below $2,400 and the 100 hourly simple moving average.
- There is a crucial bearish trend line forming with resistance near $2,380 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its decline if the bulls fail to protect the key $2,300 support area.
Ethereum price still at risk
There was also a break below the $2,350 support area and yesterday’s low. The price is now trading well below $2,400 and the 100 hourly simple moving average. Ether managed to hold above the key $2,300 support area. The bottom was formed near $2,304 and the price is consolidating losses.
There is an initial resistance near the $2,350 level. The first major resistance is near the $2,380 level. There is also a crucial bearish trend line forming with resistance near $2,380 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The trend line is near the 23.6% Fib retracement level of the recent decline from the $2,640 swing high to $2,304 low. The first major resistance is near the $2,400 level. The main resistance is now forming near the $2,450 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $2,640 high to $2,304 low.
More losses in ETH?
If Ethereum fails to surpass the $2380 and $2400 resistance levels, it may continue to decline. There is initial support on the downside near the $2,320 level.
The major breakdown support is now forming near the $2,300 level. A break-down below the recent low and the $2,300 support level could trigger a significant decline. In the aforementioned case, the price of Ether is likely to drop towards $2150 in the near term.
MACD per hour – ETH/USD’s MACD is struggling to gain pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently approaching the 40 level.
Key Support Level – $2300
Key Resistance Level – $2400