Ethereum Price Started A Fresh Decline Below The $2350 Zone

Ethereum price started a fresh decline below the $2350 zone. ETH is now correcting some losses from the $2000 support and might face hurdles.

Crypto behemoth Ethereum (ETH) commenced a fresh decline from the $2,550 resistance, mimicking Bitcoin’s recent price action. ETH encountered strong selling pressure below the $2,420 and $2,350 support tiers.

A rapid move occurred below the $2,220 support zone and the 100-hourly Simple Moving Average, with the price testing the $2,000 zone. A low was attained at $2,003, and the price is currently attempting to recover above the 23.6% Fib retracement level of the downward move from the $2,550 swing high to the $2,003 low.

There was a breakthrough above a connecting bearish trend line, presenting resistance at $2,080 on the 4-hour chart of ETH/USD.

Ethereum price is currently being traded below the $2,220 mark and the 100-hourly Simple Moving Average. On the upside, the price seems to be encountering some resistance around the $2,220 level. The first significant resistance is anticipated at the $2,275 level, which coincides with the 50% Fib retracement level of the downward move from the $2,550 swing high to the $2,003 low.

A decisive close above the $2,275 resistance might propel the price toward the $2,350 resistance. An upside breakout above the $2,350 resistance could invite more gains in the ensuing sessions. In the stated scenario, Ether could continue its ascent toward the $2,450 resistance zone or even $2,500 in the intermediate term.

Another Drop In ETH?

If Ethereum fails to break above the $2,275 resistance, it could start another decline. Initial support on the downside is located at the $2,130 level. The first major support is anticipated near the $2,080 zone.

A strong move below the $2,080 support might push the price toward the $2,020 support. Any further losses could send the price to the $2,000 support level in the near term. The next key support is at $1,880.

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,080

Major Resistance Level – $2,275