Ethereum’s price began to plummet after failing to break $2,500. ETH is down 20% and is currently struggling to stay above the $2,200 support.

• Ethereum failed to stay above $2,550 and began a up-to-date decline.
• The price is trading below $2,400 and the 100-hour basic moving average.
• A major bearish trend line is forming on the hourly chart of ETH/USD (data intake via Kraken) with resistance at $2,415.
• The pair could start a up-to-date rally if it stays above the $2,200 zone.

Ethereum prices drop by 20%

Ethereum price failed to stay stable above $2,550 and began a significant decline, much like Bitcoin. The ETH price dropped below $2,400 and entered a bear zone.

The bears even pushed the price below $2,250. The low has formed at $2,220 and the price is currently showing bearish signs below the 23.6% Fib retracement level resulting from the recent drop from the high of $3,040 to the low of $2,220. A steep bearish trend line is also forming on the hourly chart of ETH/USD with resistance at $2,415.

Ethereum price is currently trading below $2,350 and the 100-hour basic moving average. If the bulls keep the action above $2,200, the price may be tempted to move higher again. Immediate resistance is seen near the $2,350 level. The first key resistance is located near the $2,420 level and the trend line.

The next major resistance is near the $2,500 level. A clear move above the resistance at $2,500 could push the price towards the resistance at $2,620 or the 50% Fib retracement level of the recent decline from the high of $3,040 to the low of $2,220. An upward break above the $2,620 region could trigger further gains in the coming days. In the given case, Ether may rise towards the resistance zone of $2,800 or even $2,880 in the near future.

More ETH losses?

If Ethereum fails to break the resistance at $2,420, a up-to-date decline could begin. Initial downside support is near the $2,220 level. The first major support is located near the $2,200 zone.

A clear move below the $2,200 support could push the price towards the $2,120 support. Any further losses could push the price towards the $2,050 region. The main support can be $2,000.

Technical indicators

Hourly MACD – MACD for ETH/USD is gaining momentum in a bear zone.

Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.

Main support level – USD 2,200

Major resistance level – $2,420