Ethereum Price Dives 15%

Ethereum price failed to clear the $2550 resistance zone and started a fresh decline, like Bitcoin.

Ethereum price started a fresh decline from the $2,550 zone. The recent move led to a new low of $2,003, and the price is now consolidating losses.

Ethereum price is trading below $2,250 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,080 level. The first major resistance is near the $2,150 level.

There is also a new bearish trend line forming with resistance at $2,160 on the hourly chart of ETH/USD. The main resistance is now forming near $2,275 and the 50% Fib retracement level of the recent decline from the $2,550 swing high to the $2,003 low.

A clear move above the $2,275 resistance might send the price toward the $2,350 resistance. An upside break above the $2,350 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,450 resistance zone or even $2,500 in the near term.

If Ethereum fails to clear the $2,160 resistance, it could start another decline. Initial support on the downside is near the $2,020 level. The first major support sits near the $2,000 zone.

A clear move below the $2,000 support might push the price toward the $1,880 support. Any more losses might send the price toward the $1,750 support level in the near term. The next key support sits at $1,640.

Hourly MACD - The MACD is now gaining momentum in the bearish zone.

Hourly RSI - The RSI is currently below the 50 zone.

Major Support Level - $2,000

Major Resistance Level - $2,160