Ethereum Price Slips Below Support, Bears Seize Momentum

Ethereum price started a fresh decline and traded below $2,250. ETH is now consolidating above $2,175 and might struggle to recover.Ethereum started a downside correction from the $2,330 zone.The price is trading below $2,220 and the 100-hourly Simple Moving Average.There was a break below a bullish trend line with support at $2,210 on the hourly chart of ETH/USD (data feed via Kraken).The pair could start a fresh increase if it stays above the $2,140 zone.Ethereum Price Dips AgainEthereum price failed to remain stable above $2,250 and started a downside correction, like Bitcoin. ETH price dipped below the $2,220 and $2,200 levels.Besides, there was a break below a bullish trend line with support at $2,210 on the hourly chart of ETH/USD. The pair traded as low as $2,176, and is currently consolidating losses below the 23.6% Fib retracement level of the downward move from the $2,329 swing high to the $2,175 low.Ethereum price is now trading below $2,250 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,175, the price could attempt another increase.Immediate resistance is seen near the $2,210 level. The first key resistance is near the $2,235 level. The next major resistance is near the $2,250 level or the 50% Fib retracement level of the downward move from the $2,329 swing high to the $2,175 low.A clear move above the $2,250 resistance might send the price toward the $2,290 resistance. An upside break above the $2,290 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,320 resistance zone or even $2,350 in the near term.Another Decline In ETH?If Ethereum fails to clear the $2,235 resistance, it could start a fresh decline. Initial support on the downside is near the $2,175 level. The first major support sits near the $2,140 zone.A clear move below the $2,140 support might push the price toward the $2,110 support. Any more losses might send the price toward the $2,060 region. The main support could be $2,020.Technical IndicatorsHourly 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 – $2,140Major Resistance Level – $2,235Weiter zum vollständigen Artikel bei NewsBTC Weiter zum vollständigen Artikel bei NewsBTC