Ethereum Price Flashes Weakness Signals, Pullback Fears Start Rising

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Ethereum price started a fresh decline and traded below $2,265. ETH is now consolidating above $2,220 and might struggle to recover. Ethereum started a downside correction below the $2,265 zone. The price is trading below $2,280 and the 100-hourly Simple Moving Average. There is a bearish trend line forming with resistance at $2,285 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it stays below the $2,300 zone. Ethereum Price Extends Losses Ethereum price failed to remain stable above $2,300 and started a fresh decline , like Bitcoin . ETH price dipped below the $2,280 and $2,265 levels. The price even traded below $2,250. A low was formed at $2,233, and the price is now consolidating losses. There was a minor upward move above the 23.6% Fib retracement level of the downward move from the $2,322 swing high to the $2,233 low. Ethereum price is now trading below $2,280 and the 100-hourly Simple Moving Average. Besides, there is a bearish trend line forming with resistance at $2,285 on the hourly chart of ETH/USD. If the bulls remain in action above $2,220, the price could attempt another increase. Immediate resistance is seen near the $2,265 level. The first key resistance is near the $2,285 level or the 61.8% Fib retracement level of the downward move from the $2,322 swing high to the $2,233 low and the trend line. Source: ETHUSD on TradingView.com The next major resistance is near the $2,320 level. A clear move above the $2,320 resistance might send the price toward the $2,350 resistance. An upside break above the $2,350 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,400 resistance zone or even $2,420 in the near term. Another Drop In ETH? If Ethereum fails to clear the $2,285 resistance, it could start a fresh decline. Initial support on the downside is near the $2,250 level. The first major support sits near the $2,220 zone. A clear move below the $2,220 support might push the price toward the $2,180 support. Any more losses might send the price toward the $2,120 region. The main support could be $2,080. 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 – $2,220 Major Resistance Level – $2,285