Ethereum’s price experienced a significant bearish momentum, slipping below the $2,350 mark. The cryptocurrency is currently consolidating its losses and is likely to face challenges in surpassing the $2,350 level.
Ethereum began another downward movement, breaching both the $2,350 and $2,320 support levels. The price is now trading under $2,310, along with the 100-hour Simple Moving Average. On the hourly chart of ETH/USD, a major bearish trend line is forming, presenting resistance around the $2,360 mark. For any recovery in the near term, Ethereum must break through this resistance line.
The price struggled to surpass the $2,450 resistance and subsequently initiated a new decline, much like Bitcoin. Ethereum dropped below key support levels at $2,400 and $2,350, entering a bearish zone. It even fell beneath the $2,320 threshold, reaching a low at $2,253. The cryptocurrency is now in a period of consolidating these losses, with a minor recovery wave pushing it above the $2,285 level. During this recovery, the price tested the 23.6% Fibonacci retracement level, from its $2,466 swing high to the $2,253 low.
Ethereum is currently trading below $2,310 and the 100-hour Simple Moving Average. The price faces resistance around the $2,300 level, and a declining channel is forming, highlighting resistance at this point on the hourly chart. The first significant resistance sits near $2,340, followed by a secondary key resistance at $2,360, which aligns with the 50% Fibonacci retracement level from the $2,466 swing high to the $2,253 low. Additionally, a major bearish trend line is emerging, with resistance near $2,360 on the same chart.
A successful break above the $2,360 resistance could potentially drive further gains for Ethereum, possibly pushing it towards the $2,420 resistance zone in the short term. The subsequent obstacle appears near the $2,465 level.
Conversely, if Ethereum fails to overcome the $2,360 resistance, it may face another decline shortly. Initial downside support is around $2,265, with the first major support level near the $2,250 zone. A decisive move below this $2,250 support could propel the price downwards toward $2,200, and further losses might drive it closer to the $2,150 support level. The next crucial support is positioned at $2,120.
Technical analysis shows that the hourly MACD for ETH/USD is losing momentum in the bearish zone, with the hourly RSI for ETH/USD now below the 50-mark. Major support levels stand at $2,250, while major resistance levels are at $2,300.
