Ethereum price began a novel decline and reached below $2,250. ETH is currently consolidating above $2,175 and may struggle to rebound.

• Ethereum started a downward correction from the $2,330 zone.
• The price is trading below $2,220 and the 100-hour uncomplicated moving average.
• There was a break below the bullish trend line with support at $2,210 on the ETH/USD hourly chart (data fed via Kraken).
• The pair could start a novel rally if it holds above the $2,140 zone.

Ethereum prices are falling again

Ethereum price failed to remain stable above $2,250 and began a downward correction, much like Bitcoin. The price of ETH fell below the levels of $2,220 and $2,200.

Additionally, there was a break below the bullish trend line with support at $2,210 on the ETH/USD hourly chart. The pair was already trading at $2,176 and is currently consolidating losses below the 23.6% Fib retracement level, the result of a downward move from a high of $2,329 to a low of $2,175.

Ethereum price is currently trading below $2,250 and the 100-hour uncomplicated moving average. If the bulls keep the action above $2,175, the price may be tempted to move higher.

Immediate resistance is seen near the $2,210 level. The first key resistance is near the $2,235 level. The next major resistance is located near the $2,250 level or the 50% Fib retracement level in a move down from the $2,329 high to the $2,175 low.

A clear move above the resistance at $2,250 could push the price towards the resistance at $2,290. An upward break above the $2,290 region could trigger further gains in the coming days. In the given case, Ether may rise towards the resistance zone of $2,320 or even $2,350 in the near future.

Another ETH drop?

If Ethereum fails to break the resistance at $2,235, a novel decline could begin. Initial downside support is near the $2,175 level. The first major support is located near the $2,140 zone.

A clear move below the $2,140 support could push the price towards the $2,110 support. Any further losses could push the price towards the $2,060 region. The main support could be 2020 dollars.

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 2,140

Major resistance level – $2,235