Ethereum price failed to continue higher above the $2,880 resistance. ETH is now moving lower and might slip further toward the $2,320 support.
- Ethereum started a fresh decline below the $2,700 level.
- The price is trading below $2,700 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $2,680 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it stays below the $2,700 level.
Ethereum Price Recovery Fades
Ethereum price started a recovery wave above the $2,650 level, like Bitcoin. ETH was able to surpass the $2,700 and $2,750 resistance levels to move into a short-term positive zone.
However, the bears were active above $2,800 and the price started another decline. There was a move below the $2,720 and $2,700 levels. The price dipped and tested the 50% Fib retracement level of the upward move from the $2,127 swing low to the $2,923 high.
Ethereum price is now trading below $2,700 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance at $2,680 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,680 level and the 100-hourly Simple Moving Average. The first major resistance is near the $2,700 level. The main resistance is now forming near $2,880 or $2,920. A clear move above the $2,920 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,050 resistance zone or even $3,120 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $2,700 resistance, it could start another decline. Initial support on the downside is near the $2,525 level. The first major support sits near the $2,440 zone.
A clear move below the $2,440 support might push the price toward the $2,320 support. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,120.
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.
Major Support Level – $2,525
Major Resistance Level – $2,440
