Ethereum Price Dives 15%: What’s Next?
Ethereum started a fresh decline from the $2,550 zone. ETH is now back below $2,200 and might decline further in the near term.
- Ethereum started a fresh decline below the $2,350 support zone.
- The price is trading below $2,250 and the 100-hourly Simple Moving Average.
- There is a new bearish trend line forming with resistance at $2,160 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $2,160 and $2,250 resistance levels to start a recovery wave.
Ethereum Price Dives 15%
Ethereum price failed to clear the $2,550 resistance zone and started a fresh decline, like Bitcoin. ETH gained bearish momentum below the $2,400 and $2,350 support levels.
There was a clear move below the $2,250 support zone and the 100-hourly Simple Moving Average. The price even dived below the last low and tested the $2,000 zone. A low was formed at $2,003 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $2,550 swing high to the $2,003 low.
The Price is Now 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.
A New Bearish Trend Line is Forming
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
What’s Next?
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.
Another Decline in ETH?
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
Technical Indicators
- Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
- Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Conclusion
Ethereum price is currently trading below $2,250 and the 100-hourly Simple Moving Average. The price needs to clear the $2,160 and $2,250 resistance levels to start a recovery wave. If the price fails to clear these levels, it could lead to another decline.
FAQs
- What is the current price of Ethereum?
The current price of Ethereum is below $2,200. - What is the support level for Ethereum?
The initial support level for Ethereum is near $2,020, with the first major support at $2,000. - What is the resistance level for Ethereum?
The main resistance level for Ethereum is near $2,275, with the next major resistance at $2,350.
