Ethereum price continued to fall and tested support at $2,350. ETH is now consolidating and could be looking for fresh gains above the $2,400 resistance.
- Ethereum began a downward correction below the $2,400 zone.
- The price is trading just above $2,420 and the 100-hour simple moving average.
- On the hourly chart, ETH/USD broke below the short-term ascending channel with support at $2,425 (data feed via Kraken).
- The pair needs to remain above the $2,350 support level to start fresh gains in the near future.
Ethereum price continues to fall
Ethereum price failed to start a new rise above the $2,500 resistance zone. ETH remained in bearish territory like Bitcoin and traded below the $2,420 support zone.
There was also a move below the $2,400 level. On the hourly chart, ETH/USD broke below the short-term ascending channel with support at $2,425. The price tested the support zone at $2350. The minimum was formed at $2350, and now the price is rising.
There was a movement above the levels of $2350 and $2360. The price moved above the 23.6% Fibonacci retracement level on a downward move from the $2,467 swing high to $2,350 low.
Ethereum price is currently trading below $2,425 and the 100-hour simple moving average. On the downside, the price appears to be facing hurdles near the $2,400 level or the 50% Fibonacci retracement level of the downside move from the $2,467 swing high to $2,350 low at $2,410.
A clear move above the $2,410 resistance could steer the price towards the $2,450 resistance. A break above the $2,450 resistance could lead to further gains in the coming sessions. In the said case, Ether may rise to the $2,550 resistance zone in the near future. The next hurdle is at $2,600 or $2,620.
More losses in ETH?
If Ethereum fails to break through the $2,410 resistance, it could start another decline. Initial downside support lies near the $2,365 level. The first major support is near the $2,350 zone.
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 level in the near future. The next key support is at $2120.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
The main support level is $2,350.
The main resistance level is $2,410.
