Ethereum suffered losses of $2,500 to the US dollar. ETH tested the $2,000.00 support, and continues to face losses.
- Ethereum declined to $2,300 below its bearish level.
- The 100-hourly simple moving average and price are now below $2,000.
- A major bearish trendline is emerging with resistance close to $2,380 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- Although the pair may correct further, bears could remain active at $2,400.
Ethereum Price Drops 10%
Ethereum was still in bearish territory below $2,500 pivot. ETH moved further into a bearish area by trading below $2,400 levels and $2,350 levels.
It fell to $2,300 below its previous level and closed below the 100-hourly simple moving mean. Finally, the ether test reached the $2,200 support area. An area near $2,200 has seen a low and prices are correcting their losses. The recent decline from $2,569 swing high, to $2,200 low, saw a rise above 23.6% Fib resistance.
The initial resistance can be seen at the $2,350 mark. At the $2,000.380 level is where you will find your first major resistance. On the hourly chart for ETH/USD, there is a bearish trend line that forms with resistance at $2,380.
Source: TradingView.com ETHUSD
It is currently near the $2,000.00 level. This is close to the Fib retracement of the drop from $2,569 high to $2,200 lowest. An increase of at least 5% could be possible if the level is above $2,000. The above scenario could lead to a price rise toward the $2,550 resistance, or towards the 100-hourly simple moving average.
What Are the Losses of ETH More?
Ethereum could move lower if it does not recover from the $2,400 resistance. Support for the downside lies near the $2250 mark.
Next major support will be at the $22,220 level. Near the $2,200 mark is now the major breakdown support. The ether price could accelerate lower if there’s a downside breakout below $2,200. This could lead to a decline of the ether price towards $2,080.
Technical Indicators
Hourly MACD – MACD is moving towards the bullish zone for USD/ETH.
Hourly RSI – The RSI is close to 40 for ETH/USD and it is correcting its losses.
Major Support Level – $2,200
Major Resistance Level – $2,400
