Ethereum Tumbles To $2.2K, Can The Bears Push ETH To $2K


Ethereum extended its losses below the $2,500 level against the US dollar. Even ETH tested the $2,200 support and is still at risk of further losses.

  • Ethereum remained in bearish territory and fell below $2,300.
  • The price is now trading below $2,400 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $2,380 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher, but bears may remain active near $2,400.

Ethereum price plunges 10%

Ethereum remains in descending zone Below the pivot level $2,500. ETH traded below $2,400 and $2,350 to move further into a bearish territory.

The price fell below the $2300 level and settled below the level 100-hour simple moving average. Finally, ether tested the $2,200 support area. A bottom is formed near $2,200 and the price is correcting losses. There was a move above the 23.6% Fib retracement level of the recent decline from the $2,569 swing high to $2,200 low.

On the upside, we see initial resistance near the $2,350 level. The first major resistance is near the $2,380 level. There is also a major bearish trend line forming with resistance near $2380 on the hourly chart of ETH/USD.

Ethereum price

Source: ETHUSD on TradingView.com

The main resistance is now forming near the $2,400 level. It is close to the 50% Fib retracement level of the recent decline from the $2,569 swing high to $2,200 low. A close above the $2,400 level may open the door for a decent increase. In the mentioned case, the price of Ether could rise towards the $2550 resistance or the 100 hourly simple moving average.

More losses in ETH?

If Ethereum fails to recover above the $2,400 resistance, it may continue to decline. There is an initial support to the downside near the $2,250 region.

The next major support is near the $2,220 level. The major breakdown support is now near the $2,200 level. If there is a downside break below $2,200 and the recent low, the price of Ether may accelerate lower. In this case, it may even drop towards the $2,080 level.

Technical Indicators

MACD per hourThe MACD for ETH/USD is moving in bullish territory.

Hourly RSIThe RSI for ETH/USD is correcting losses and is near the 40 level.

Main Support Level – $2200

Key Resistance Level – $2400



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