Ethereum price started a new low and traded below $2,350. ETH is now consolidating above $2,285 and may struggle to recover.
- Ethereum started a downward correction from the $2,425 area.
- The price is trading below $2,365 and the 100-hourly Simple Moving Average.
- There was a break below the bullish line and support at $2,340 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could trigger a new rally if it breaks above the $2,255 zone.
Ethereum Price Limiting Profits
The price of Ethereum failed to remain stable above $2,385 and began to correct downwards, not performing well. Bitcoin. The price of ETH dropped below the levels of $2,365 and $2,350.
There was a break below the bullish line and support at $2,340 on the ETH/USD hourly chart. The pair traded as little as $2,286 and are now netting losses. There was a small move above the 23.6% Fib retracement level of the moving down from a $2,423 high to a $2,286 low.
The price of Ethereum is now trading below $2,365 and the 100-hourly Simple Moving Average. If bulls are still working above $2,285, the price may try another increase. Immediate resistance is seen near the $2,355 level and the 50% Fib retracement level of the downward move from the $2,423 swing high to the $2,286 low.
The first important resistance is near the $2,385 level. The next major resistance is near the $2,425 level. A clear move above the $2,425 resistance would send the price to the $2,450 resistance. A recent break above the $2,450 zone may require more gains in the coming days. For the reasons stated, Ether may rise to the resistance area of $2,510 or $2,550 in the near future.
More Losses in ETH?
If Ethereum fails to clear the resistance of $2,385, it may initiate a new low. The initial support at the bottom is near the $2,285 level. The first major support is near the $2,255 zone.
A clear move below the $2,255 support could push the price towards the $2,200 support. Any further damage could send the price to the $2,150 area. The maximum subsidy can be $2,120.
Technical Indicators
MACD hourly – MACD of ETH/USD is trending in bearish territory.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Maximum Support Level – $2,255
Maximum Objection Level – $2,425
