Ethereum price began a acute decline from the $2,385 zone. ETH is currently consolidating above $2,100 and could be headed for a recovery wave if it rises above $2,200.

• Ethereum began a acute decline below the $2,320 zone.
• The price is trading below $2,250 and the 100-hour plain moving average.
• There was a break below the main uptrend line with support at $2,160 on the ETH/USD hourly chart (data fed via Kraken).
• The pair may continue to rise if it clears the $2,200 zone.

Ethereum price hits

Ethereum price failed to stay above $2,320 and started a modern decline, just like Bitcoin. ETH price dropped below $2,250 and $2,200, entering a short-term bear zone.

There was a break below the main uptrend line with support at $2,160 on the ETH/USD hourly chart. The pair even rose below $2,120. The low has formed at $2,100 and the price is currently consolidating losses below the 23.6% Fib retracement level that follows the recent decline from a high of $2,385 to a low of $2,100.

Ethereum price is currently trading below $2,200 and the 100-hour plain moving average. If the bulls keep the action above $2,100, the price may be tempted to move higher again. Immediate resistance is seen near the $2,165 level.

The first key resistance is located near the $2,200 level and the 100-hour plain moving average. The next major resistance is located near the $2,240 level or the 50% Fib retracement level during the recent decline from a high of $2,385 to a low of $2,100.

A clear move above the resistance at $2,240 could push the price towards the resistance at $2,275. An upward break above the $2,275 region could trigger further gains in the coming days. In the given case, Ether may rise towards the resistance zone of $2,320 or even $2,385 in the near future.

More ETH losses?

If Ethereum fails to break the resistance at $2,200, a modern decline could begin. Initial downside support is near the $2,120 level. The first major support is located near the $2,100 zone.

A clear move below the $2,100 support could push the price towards the $2,060 support. Any further losses could push the price towards the $2020 region. The main support can be $2,000.

Technical indicators

Hourly MACD – MACD for ETH/USD is losing momentum in the bear zone.

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

Main support level – USD 2,120

Major resistance level – $2,200