Ethereum Price Grinds Lower: Will Support Kick In Soon?

Ethereum price extended losses and traded below the $2,500 support. ETH is consolidating and might struggle to recover above the $2,500 resistance.

Ethereum price extended losses on Monday and slipped below the $2,500 support. ETH is consolidating and could find it difficult to recover above the $2,500 resistance.

Ethereum price extended losses on Monday and settled below the $2,500 support. ETH is consolidating and it might struggle to recover above the $2,500 resistance.

Ethereum Price Extends Losses

Ethereum price struggled to stay above $2,500 and started a fresh decline like Bitcoin. ETH declined below the $2,450 and $2,420 levels.

It tested the $2,350 support zone. A low was formed at $2,357 and the price is now trying to recover. There was a move above the $2,385 resistance zone. The price tested the #.6 Fib retracement level of the downward move from the $2,583 swing high to $2,357 low.

Ethereum price is currently trading below $2,500 and its 100 hourly Simple Moving Average. There is also a new bearish trend line forming with resistance at $2,445 on the hourly chart of ETH/USD.

The price is facing hurdles on the upside near the $2,445 level and the trend line. The first major resistance is near the $2,470 level or the P-P Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.

Currently, the main resistance is formed around $2,500. A clear move above the $2,500 resistance could lead the price towards the $2,550 resistance level. An upside break above the $2,550 resistance could warrant more gains in the coming sessions. In the mentioned case, Ether could rise towards the $2,620 resistance zone.

Another Drop in ETH

Ethereum could start another decline if it fails to clear the $2,445 resistance. An initial support on the downside is near the $2,380 level. The first major support is near the $2,350 zone.

A clear move below the $2,350 support could push the price to $2,285. Any further losses could guide the price towards the $2,220 support level in the near term. The next important support is at $2,150.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the downtrend zone.

Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.

Major Support Level – $2,360

Major Resistance Level – $2,500

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