Ethereum Corrects Gains and Trades Below $2,400
The price of Ethereum has seen a correction after reaching the $2,400 level. It is currently trading above $2,320 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there is a bullish flag forming with resistance near $2,360.
Ethereum Price Remains Supported
Ethereum’s price climbed above the $2,320 resistance zone and broke the $2,400 level before experiencing a downside correction. The bulls are active near the $2,320 support zone, and the price is currently trading above the 100-hourly Simple Moving Average.
More Losses in ETH?
If Ethereum fails to clear the $2,400 resistance, it may continue to move down. The initial support on the downside is near the $2,320 level and the 100 hourly SMA. A break below $2,240 could lead to another major decline.
Technical Indicators
The MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is nearing the 50 level.
Hot Take: Ethereum Faces Resistance at $2,400 Level
Ethereum’s price correction has led to it trading below $2,400. However, it remains supported above $2,320 and the 100-hourly Simple Moving Average. The formation of a bullish flag suggests a potential increase if there is a close above $2,400. On the downside, failure to clear this resistance could result in further losses for Ethereum.
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