Ethereum Price Loses $2,350 Level, Traders Eye Rebound Signals

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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 $2,350. ETH is now consolidating above $2,250 and might struggle to recover. - Ethereum started a downside correction from the $2,465 zone. - The price is trading below $2,350 and the 100-hourly Simple Moving Average. - There is a bearish trend line forming with resistance at $2,300 on the hourly chart of ETH/USD (data feed via Kraken). - The pair could start a fresh increase if it stays above the $2,250 zone. Ethereum Price Dips Again Ethereum price failed to remain stable above $2,420 and started a downside correction, like Bitcoin. ETH price dipped below the $2,400 and $2,350 levels. The pair traded as low as $2,253, and is currently consolidating losses below the 23.6% Fib retracement level of the downward move from the $2,465 swing high to the $2,253 low. There is also a bearish trend line forming with resistance at $2,300 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,350 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,250, the price could attempt another increase. Immediate resistance is seen near the $2,300 level and the trend line. The first key resistance is near the $2,335 level. The next major resistance is near the $2,360 level or the 50% Fib retracement level of the downward move from the $2,465 swing high to the $2,253 low. A clear move above the $2,360 resistance might send the price toward the $2,415 resistance. An upside break above the $2,415 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,465 resistance zone or even $2,500 in the near term. Another Decline In ETH? If Ethereum fails to clear the $2,360 resistance, it could start a fresh decline. Initial support on the downside is near the $2,250 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 $2,200 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 – $2,250 Major Resistance Level – $2,360

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