Ethereum price began a novel decline and reached below $2,350. ETH is currently consolidating above $2,265 and may struggle to rebound.

• Ethereum started a downward correction from the $2,400 zone.
• The price is trading below $2,350 and the 100-hour uncomplicated moving average.
• A bearish trend line is forming on the hourly chart of ETH/USD (data fed via Kraken) with resistance at $2,310.
• The pair could start a novel rally if it holds above the $2,350 zone.

Ethereum price reduces profits

Ethereum price failed to remain stable above $2,380 and began a downward correction, much like Bitcoin. The price of ETH fell below the levels of $2,365 and $2,350.

The price even rose below $2,300. The lowest level was $2,264 and the price is currently consolidating losses. There was a slight upward move above the 23.6% Fib retracement level, resulting from a downward move from the high of $2,404 to the low of $2,264.

Ethereum price is currently trading below $2,300 and the 100-hour uncomplicated moving average. If the bulls keep the action above $2,265, the price may be tempted to move higher. Immediate resistance is seen near the $2,310 level. A bearish trend line is also forming on the hourly chart of ETH/USD with resistance at $2,310.

The first key resistance is located near the $2,335 level and the 50% Fib retracement level in a move down from the $2,404 high to the $2,264 low. The next major resistance is near the $2,350 level. A clear move above the resistance at $2,350 could push the price towards the resistance at $2,400. An upward break above the $2,400 region could trigger further gains in the coming days. In the given case, Ether may rise towards the $2,500 or even $2,550 resistance zone in the near future.

More ETH losses?

If Ethereum fails to break the resistance at $2,310, a novel decline could begin. Initial downside support is near the $2,285 level. The first major support is located near the $2,265 zone.

A clear move below the $2,265 support could push the price towards the $2,220 support. Any further losses could push the price towards the $2,200 region. The main support could be $2,120.

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 2,265

Major resistance level – $2,350