Ethereum Price Downtrend Gains Pace—Is A Steeper Drop Ahead?

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Reason to trust How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Ethereum price started a fresh decline and traded below $2,265. ETH is now consolidating above $2,220 and might struggle to recover. - Ethereum started a downside correction below the $2,280 zone. - The price is trading below $2,300 and the 100-hourly Simple Moving Average. - There was a break below a rising channel with support at $2,295 on the hourly chart of ETH/USD (data feed via Kraken). - The pair could start a fresh increase if it stays above the $2,220 zone. Ethereum Price Dips Further Ethereum price failed to remain stable above $2,320 and started a downside correction, like Bitcoin. ETH price dipped below the $2,300 and $2,280 levels. There was a break below a rising channel with support at $2,295 on the hourly chart of ETH/USD. The price even spiked to $2,220. A low was formed at $2,220, and the price is now consolidating losses. There was a minor upward move above the 23.6% Fib retracement level of the downward move from the $2,345 swing high to the $2,220 low. Ethereum price is now trading below $2,280 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,220, the price could attempt another increase. Immediate resistance is seen near the $2,265 level. The first key resistance is near the $2,280 level and the 50% Fib retracement level of the downward move from the $2,345 swing high to the $2,220 low. The next major resistance is near the $2,300 level. A clear move above the $2,300 resistance might send the price toward the $2,345 resistance. An upside break above the $2,345 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,400 resistance zone or even $2,420 in the near term. Downside Continuation In ETH? If Ethereum fails to clear the $2,280 resistance, it could start a fresh decline. Initial support on the downside is near the $2,230 level. The first major support sits near the $2,220 zone. A clear move below the $2,220 support might push the price toward the $2,165 support. Any more losses might send the price toward the $2,150 region. The main support could be $2,120. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,220 Major Resistance Level – $2,280

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