Ethereum Price Slides 10% — Market Sentiment Turns Cautious

Ethereum price started a fresh decline below the $2,500 zone. ETH is now consolidating losses and might attempt to recover above the $2,250 resistance.

• Ethereum started a fresh decline below the $2,350 level.
• The price is trading below $2,350 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $2,280 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it settles above the $2,320 resistance zone in the near term.

Ethereum Price Eyes Recovery

Ethereum price started a fresh decline below the $2,500 support level, like Bitcoin. ETH price declined below the $2,350 and $2,250 levels.

The bears even pushed the price below the $2,200 level. The pair tested the $2,120 zone and started a consolidation phase. There was a minor move above the $2,200 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,568 swing high to the $2,114 low.

Ethereum price is now trading below $2,300 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $2,250 level. There is also a key bearish trend line forming with resistance at $2,280 on the hourly chart of ETH/USD.

The next key resistance is near the $2,340 level. It is close to the 50% Fib retracement level of the downward move from the $2,568 swing high to the $2,114 low. The first major resistance is near the $2,400 level.

A clear move above the $2,400 resistance might send the price toward the $2,500 resistance. An upside break above the $2,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,550 resistance zone or even $2,620 in the near term.

More Losses In ETH?

If Ethereum fails to clear the $2,340 resistance, it could start a fresh decline. Initial support on the downside is near the $2,200 level. The first major support sits near the $2,150 zone.

A clear move below the $2,150 support might push the price toward the $2,120 support. Any more losses might send the price toward the $2,050 support level in the near term. The next key support sits at $2,000.

Technical Indicators

Hourly 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 – $2,150

Major Resistance Level – $2,340