Ethereum price drops below the USD 2,200 support again. ETH is showing some bearish signs and could fall further below $2,000.
- Ethereum started a new decline from the USD 2,330 resistance zone.
- The price is trading below $2,220 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance near $2,210 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could accelerate lower if there is a break below the $2,135 support.
Ethereum price drops again
Ethereum price failed to gain strength for more gains above the USD 2,300 resistance. ETH peaked near the $2,330 zone and started a new decline, just like Bitcoin.
There was a move below the USD 2,250 and USD 2,220 levels. The price even fell below the 50% Fib retracement level of the key rise from the $1,980 swing low to the $2,330 high. The bears are now in control below the USD 2,180 support zone.
Ethereum is trading below $2,220 and the 100-hour Simple Moving Average. There is also a connecting bearish trendline forming with resistance around $2,210 on the hourly chart of ETH/USD.
If a new increase occurs, the price may encounter resistance near the $2,200 zone. The next major resistance is near the $2,210 level and trendline. The main resistance is now at $2,250. A clear move above the USD 2,250 zone could send the price towards the USD 2,330 level.
Source: ETHUSD on TradingView.com
The next resistance is at $2,400. Any further gains could trigger a wave towards the $2,550 level, above which Ethereum could rise and test the $2,750 zone.
Lose more in ETH?
If Ethereum fails to clear the USD 2,210 resistance, it could continue falling. The initial downside support is near the $2,135 level or the latest swing low.
The first major support could be the $2,080 zone. It is close to the 1,236 Fib extension level of the main rise from the $1,980 swing low to the $2,330 high. A downward break below $2,080 could trigger another big decline. In the mentioned case, Ether could even fall below the $2,000 support.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $2,135
Major resistance level – $2,210
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