Ethereum is still in bearish territory and traded below $2,250 against the US Dollar. ETH price remains at risk of further downside to below $2000 in the near term.
- Ethereum extended its decline below the $2,250 and $2,150 levels.
- The price is now trading well below $2,250 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $2,220 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 $2000 support area.
Ethereum price still at risk
Ethereum has begun a steady decline from well above $2,400, similar to Bitcoin. ETH traded below the $2,250 and $2,120 support levels to move into a bearish territory.
There was also a break below the $2,100 support area and a bottom formed near $2,041. Recently, Ether started a nice rally and rose above the $2,200 level. However, the price failed to break above the $2,250 and $2,280 resistance levels.
They are now trading for well under $2,250 and Simple moving average per 100 hours. Ether resumed its decline and traded below the $2,150 level. There was a clear break below the 50% Fib retracement level of the upward move from the $2,041 swing low to $2,276 high.
It is now trading near the $2,080 support level and is testing the 76.4% Fibonacci retracement level of the upward move from the $2,041 swing low to $2,276 high.
Source: ETHUSD on TradingView.com
The first major resistance on the upside is near the $2150 level. The main resistance is now forming near the $2,250 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $2,220 on the hourly chart of ETH/USD.
More losses in ETH?
If Ethereum fails to break above the $2,150 and $2,250 resistance levels, it may continue to decline. There is an initial support on the downside near the $2050 level.
The major breakdown support is now forming near the $2000 level. A downside breakout below the recent low and the $2000 support level could trigger a significant decline. In the mentioned case, the price of Ether is likely to drop towards $1,850 in the near term.
MACD per hour – ETH/USD’s MACD is now gaining momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is currently well below the 50 level.
Main Support Level – $2000
Key Resistance Level – $2250