đŁ Ethereum Tanks 10% â Bearish Momentum Building Fast?
Ethereum resumed its fall below $2,500. ETH is stabilizing losses and may try to break $2,250.
Ethereum resumed its slide below $2,350.
The price is below $2,350 and the 100-hour SMA.
On the hourly ETH/USD chart, a negative trend line with resistance at $2,280 is formed.
If it breaks $2,320 barrier, the pair may rise again.
Ethereum Price Might Recover
Like Bitcoin, Ethereum fell below $2,500. ETH fell below $2,350 and $2,250.
Bears drove the price below $2,200. After testing $2,120, the pair began consolidating. A little advance over $2,200 occurred. Price rose beyond the 23.6% Fib retracement level of the $2,568 swing high to $2,114 low decline.
Ethereum has fallen below $2,300 and the 100-hour SMA. Price may find resistance at $2,250 on the upside. The hourly ETH/USD chart shows a negative trend line with resistance at $2,280.
Around $2,340 is the next major resistance. It is around the 50% Fib retracement of the $2,568 swing high to $2,114 low decline. Near $2,400 is the first significant obstacle.
A clean break over $2,400 might push the price above $2,500. Above $2,500 barrier might lead to additional advances in the following sessions. Ether might grow to $2,550 or $2,620 in the short future.
More ETH losses?
Ethereum may fall again if it fails to break $2,340. The downside has initial support at $2,200. First significant support is around $2,150.
A decisive break below $2,150 might bring the price around $2,120. If losses continue, the price may reach $2,050 support. The next support is $2,000.
Tech Indicators
The negative MACD for ETH/USD is growing.
Hourly RSI: ETH/USD is below 50.
Major Supportâ$2,150
Major Resistance: $2,340
