ETH Accelerates Losses Amid Market Turmoil
Ethereum prices began a new decline from the $2,350 resistance zone. ETH is now consolidating the losses and could extend them to $2,000 in support.
- Ethereum is facing an increase in areas below $2,350.
- Prices trade below the $2,250 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (via Kraken’s feed), there is a key bearish trend line with a resistance of $2,260.
- If the couple drops at $2,250 and above $2,350, it could start a nice wave of recovery.
Ethereum prices drop further
Ethereum price failed to clear the $2,450 resistance zone and started a new decline, e.g. Bitcoin. ETH is paced below the $2,350 and $2,320 support levels to further in the bearish zone.
Prices fell by more than 5% or even below the $2,220 support zone. The low price is $2,123 and the current price is consolidating the loss. It shows many bearish signs below the fib recovery effect below 23.6%, from a swing high of $2,520 to a low of $2,123.
Ethereum prices are now trading at prices below $2,250 100 hours simple moving average. There is also a key bearish trend line in the hourly table of ETH/USD with resistance of $2,260.
On the plus side, the price seems to be facing a $2,220 hurdle. The first major resistance is the level or trend line close to the $2,250 level, and the 50% FIB recovery level from the $2,520 swing high to the $2,123 low trend wave.
Now, the formation of the main resistor is close to $2,350. A noticeable move to resistors above $2,360 could shift the price to resistors at $2,450. An upside breakout for resistors over $2,450 could require more gains in the upcoming meeting. In the case of statements, Ether may rise toward the $2,500 resistance zone or even $2,550 in the short term.
More losses from ETH?
If Ethereum fails to clear the $2,250 resistance, it may drop again. The initial support for disadvantages is close to the $2,120 level. The first major support is located near the $2,050 area.
A clear move to support below $2,050 could push the price to $2,000 support. In the short term, more losses could shift the price to the support level of $1,880. The next key supports $1,750.
Technical Indicators
Hourly MACD – MACD of ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI of ETH/USD is now below the 50 area.
Main support level – $2,120
Main resistance level – $2,260
