Ethereum Price Dips Deeper—Is a Rebound Possible?
Ethereum prices began a new decline from the $2,450 resistance zone. ETH is now consolidating losses and may face obstacles of $2,400 and $2,450.
- Ethereum is facing sales in the area below $2,450.
- Prices below $2,500 and a simple moving average of 100 hours.
- On the hourly table of ETH/USD (via Kraken’s feed), there is a connected bearish trend line with a resistance of $2,390.
- If the pair hits $2,400 and $2,500, the couple might start a nice move.
Ethereum price extends losses
Ethereum price failed to clear the $2,550 resistance zone and began to drop, e.g. Bitcoin. ETH is paced below the $2,500 and $2,450 support levels to further in the bearish zone.
Prices fell by more than 5% or even below the $2,320 support zone. The low price is $2,251 and the current price is consolidating the loss. From the $2,519 swing high to the $2,251 low, the smaller FIB retracement level is above the 23.6% FIB retracement level.
Ethereum price is now trading below $2,450, 100 hours simple moving average. On the hourly chart of ETH/USD, there is also a connected bearish trend line with a resistance of $2,390.
On the plus side, the price seems to be facing a barrier to the $2,380 level, either from a swing high of $2,519 to a low of $2,251, or a 50% FIB retracement level moving downward. The first major resistance is close to the $2,420 level. Now, the formation of the main resistor is close to $2,450.
A noticeable move above $2,450 resistors may shift the price to $2,500 resistors. A rise in resistance over $2,500 could demand more gains in the upcoming meeting. In the case of statements, Ether may rise toward the $2,550 resistance zone or even $2,620 in the short term.
Is there another game?
If Ethereum fails to clear the $2500 resistor, it may drop again. The initial support for the adverse aspects is close to the $2,315 level. The first major support is located near the $2,250 area.
A clear move to support below $2,250 could push the price to $2,200 support. In the short term, more losses could shift the price to the support level of $2,120. The next key supports $2,050.
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 – $2,250
Main resistance level – $2,500
