Ethereum price is consolidating gains below the $2,350 resistance zone. ETH could revisit the $2,200 support before it starts a fresh increase.
- Ethereum is still holding gains above the $2,250 support zone.
- The price is trading below $2,280 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance near $2,290 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its decline and revisit the $2,200 support zone.
Ethereum Price Remains In A Range
Ethereum price started a downside correction from the $2,350 level. ETH declined below the $2,320 and $2,300 levels. It even spiked below the $2,250 level.
A low was formed near $2,247 and the price is now attempting a fresh increase, like Bitcoin. There was a move above the $2,265 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,327 swing high to the $2,247 low.
More Losses in ETH?
If Ethereum fails to clear the $2,290 resistance, it could start a fresh decline. Initial support on the downside is near the $2,250 level.Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,220 Major Resistance Level – $2,290