Ethereum’s decline against the US Dollar has continued to fall below the $2,200 support level for the time being.
The price of ETH is showing signs of weakness, and it may fall even further, perhaps as low as $2,000.
Ethereum is down by more than 10%, and it has even fallen below the $2,100 support zone in recent days.
The price is currently trading below the $2,200 support level as well as the 100 hourly simple moving average, according to the most recent data.
On the hourly chart of ETH/USD, a major bearish trend line is forming, with resistance near $2,200 serving as support (data feed via Kraken).
Although the pair has the potential to correct higher, sellers are likely to remain active near the $2,200 level.
The price of Ethereum continues to decline.
There has been no significant recovery in ethereum above the $2,300 mark.
Its price continued to fall, and it broke through the main $2,200 support zone to move even further down into a bearish zone, similar to bitcoin’s price action.
Even further down, the price dropped below the $2,150 support level, and it eventually settled below the 100 hourly simple moving average.
There was a spike in the price below $2,100, and the price tested $2,055.
A low has been formed near $2,049, and the price is currently recouping its losses.
It managed to break through the $2,100 barrier.
In the recent decline from the $2,406 swing high to the $2,049 low, there was a break above the 23.6 percent Fib retracement level of the recent decline.
On the hourly chart of the Ethereum/USD pair, it is currently testing a connecting bearish trend line with resistance near $2,150.
Source: ETHUSD on TradingView.com
The $2,100 level is a good place to look for immediate support.
The first major support level is located near the $2,050 mark.
The main support is now in the vicinity of the $2,000 mark.
When prices fall below the $2,000 support zone, there is a risk of an abrupt drop in the market.
The next major support level is located near the $1,850 mark.
Are the benefits of ETH limited?
If Ethereum maintains its position above the $2,050 support level, it has the potential to correct higher in the near term.
The $2,150 level serves as a first point of resistance.
The first significant resistance level could be $2,180.
Major resistance will be found near the $2,200 level and the 100 hourly simple moving average, which will be tested next.
Additionally, a major bearish trend line is forming on the same chart, with resistance near $2,200 serving as support.
In the short term, any further gains could push the price towards the $2,300 mark.
Technical Indicators are a set of indicators that show how well a product or service is performing.
Hourly MACD – The hourly MACD for ETH/USD is currently gaining momentum in the bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for ETH/USD is currently near 50.
$2,050 is the Major Support Level.
$2,200 is the major resistance level.