Ethereum price gained bearish momentum and traded below $2,350. ETH is consolidating losses and might struggle to recover above $2,350.
- Ethereum started another decline below $2,350 and $2,320.
- The price is trading below $2,310 and the 100-hourly Simple Moving Average.
- There is a major bearish trend line forming with resistance at $2,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $2,360 resistance to start a recovery wave in the near term.
Ethereum Price Starts Consolidation
Ethereum price failed to clear the $2,450 resistance and started another decline like Bitcoin. ETH traded below the $2,400 and $2,350 support levels to enter a bearish zone.
The price even dived below the $2,320 level. A low was formed at $2,253 and the price is now consolidating losses. There was a minor recovery wave above the $2,285 level. The price tested the 23.6% Fib retracement level of the downward wave from the $2,466 swing high to the $2,253 low.
More Losses In ETH?
If Ethereum fails to clear the $2,360 resistance, it could start another decline in the near term. Initial support on the downside is near $2,265. The first major support sits near the $2,250 zone. A clear move below the $2,250 support might push the price toward $2,200. Any more losses might send the price toward the $2,150 support level in the near term. The next key support sits at $2,120. Technical IndicatorsHourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,250 Major Resistance Level – $2,300