Ethereum price is down more than 5% and is trading below $2,350. ETH is signaling increased selling pressure and could fall to $2,120.

• Ethereum began another decline after failing to break above $2,450.
• The price is trading below $2,320 and the 100-hour elementary moving average.
• On the hourly chart of the ETH/USD pair (data via Kraken), there was a breakout of a key uptrend line with support at $2,400.
• For a rebound to begin in the near future, the pair needs to break through the resistance level of USD 2,320.

Ethereum price drops again

Ethereum price failed to break through the $2,450 resistance and began another decline, similar to Bitcoin. ETH fell more than BTC and broke through the key support at $2,400.

There was a break of a key bullish trendline with support at $2400 on the ETH/USD hourly chart. The pair fell over 5% and moved below the $2320 support zone. A low was formed at $2253, with the price now consolidating losses.

Ethereum price is currently trading below $2,320 and the 100-hour elementary moving average. On the other hand, the price seems to be facing obstacles near the $2,300 level or the 23.6% Fibonacci retracement level of the downward move from the $2,465 high to the $2,253 low.

The first major resistance is near the $2320 level. A close above the $2320 level could take Ether towards the $2360 resistance. The next key resistance is near the $2385 or the 61.8% Fibonacci retracement level of the downward move from the $2465 swing high to the $2253 low. A break of the $2385 resistance upwards could signal more gains towards the $2450 resistance zone in the near future.

More ETH Cons?

If Ethereum fails to break through the $2,320 resistance, it could begin another decline in the near future. Initial support on the downside is near $2,250. The first major support is near the $2,200 zone.

A clear move below the $2,200 support could push the price towards $2,150. Any further losses could send the price towards the $2,120 support level in the near future. The next key support is at $2,050.

Technical indicators

Hourly MACD – MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for the ETH/USD pair is currently below the 50 level.

Major Support Level – $2,250

Main resistance level – $2320