Ethereum nears $2.400, indicators point to another bearish wave

Ethereum started a fresh decline after failing to break above $2.400 against the US Dollar. ETH price could drop further if it fails to break above the $2.250 support.

Ethereum is slowly moving down below the $2.300 support zone.
The price is now trading below the $2.280 support and the 100-hour simple moving average.
There was a break below a large uptrend line with support near $2.285 on the ETH/USD hourly chart (data feed via Kraken).
The pair may continue to move lower if it doesn't stay above the $2.250 support zone.

The price of Ethereum could drop even more

There was a positive extension in the ethereum above the $2.300 level. ETH broke the $2.350 level and stabilized above the 100-hour simple moving average.

However, the price faced strong resistance near the $2.400 level. A rally formed near $2.406 and the price began to fall again. It broke support levels of $2.320 and $2.300. There was a break below the 50% Fib retracement level of the upward move from $2.156 at the oscillating low to $2.406 at the high.

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There was also a break below a major uptrend line with support near $2.285 on the ETH/USD hourly chart. The pair is now trading below the $2.280 support and the 100-hour simple moving average.

Immediate support is near the $2.250 level. It is near the 61,8% Fib retracement level of the $2.156 up move low to $2.406 high. If there is a bearish breakout below the $2.250 support zone, there is a risk of a sharp decline. The next big support is near the $2.150 level.

Limited positions at ETH?

If Ethereum remains above the $2.250 support, it could correct the bullish in the short term. An initial resistance is near the $2.280 level and the 100-hour simple moving average.

The first key resistance might be $2.300. The next major resistance is near the $2.350 level. Any further gains could drive the price to the $2.400 level, above which bulls are likely to seek a higher rise.

Technical Indicators

Hourly MACD – The ETH/USD MACD is now picking up momentum in the bearish zone.

RSI per hour – The RSI for ETH / USD is currently below the 50 level.

Main Support Level - $2.250

Major Resistance Level - $2.350

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