Ethereum Corrects Gains Below Key Support Zone
The price of Ethereum has entered a correction phase, falling below the $2,250 support zone. It is currently trading below $2,240 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, two bearish trend lines with resistance near $2,230 and $2,260 are forming.
There is a possibility that the pair could extend its decline and revisit the $2,050 support zone.
Ethereum Price Extends Losses
Ethereum’s price started to correct from the $2,325 level and dropped below key levels such as $2,300 and $2,265. The bears even managed to push it below $2,200. However, there was a slight recovery as the price moved above $2,200 and climbed above the 23.6% Fib retracement level.
Currently, Ethereum is trading below $2,240 and the 100-hourly Simple Moving Average. Resistance is expected near the $2,230 level due to the presence of two bearish trend lines on the hourly chart.
If the price manages to close above the resistance at $2,260, it may head towards $2,325.
Source: ETHUSD on TradingView.com
More Downsides in ETH?
If Ethereum fails to break through the resistance at $2,260, it could experience another decline. The initial support on the downside is near the $2,200 level. A break below that could lead to further bearish moves, potentially revisiting the $2,120 support. If the price continues to drop, it may reach the $2,050 level.
Technical Indicators
The MACD for ETH/USD is showing a loss of momentum in the bearish zone. The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,180
Major Resistance Level – $2,260
Hot Take: Ethereum’s Price Correction May Continue
Ethereum’s price is currently undergoing a correction phase after falling below key support levels. The presence of bearish trend lines and resistance at $2,230 and $2,260 suggests that the price may continue to decline. However, if it manages to break through these levels and close above $2,260, a potential rally towards $2,325 may occur. Traders should closely monitor the support at $2,200 and be prepared for further downside if it fails to hold. The technical indicators indicate bearish momentum in the market. Overall, Ethereum’s price movement in the coming days will provide more clarity on its short-term direction.
By
By
By
By
By