Ethereum price began a novel decline and reached below $2,300. ETH is currently consolidating above $2,250 and may struggle to rebound.

• Ethereum has started a downward correction below the $2,320 zone.
• The price is trading below $2,320 and the 100-hour plain moving average.
• A bearish trend line is forming on the hourly chart of ETH/USD (data fed via Kraken) with resistance at $2,300.
• The pair could start a novel rally if it holds above the $2,250 zone.

Ethereum price increases losses

Ethereum price failed to stay stable above $2,330 and began a downward correction, much like Bitcoin. The price of ETH fell below the levels of $2,320 and $2,300.

The price even rose below $2,265. The lowest level was $2,256 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 $2,256.

Ethereum price is currently trading below $2,300 and the 100-hour plain moving average. If the bulls keep the action above $2,250, the price may be tempted to move higher again. Immediate resistance is seen near the $2,300 level. A bearish trend line is also forming on the ETH/USD hourly chart with resistance at $2,300.

The first key resistance is located near the $2,330 level and the 50% Fib retracement level, which is a downward move from the $2,404 high to the $2,256 low. The next major resistance is near the $2,370 level. A clear move above the $2,370 resistance could push the price towards the $2,400 resistance. 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 $2,300, a novel decline could begin. Initial downside support is near the $2,250 level. The first major support is located near the $2,220 zone.

A clear move below the support at $2,220 could push the price towards the support at $2,180. Any further losses could push the price towards the $2,155 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 2,250

Major resistance level – $2,330