Ethereum price continued its decline below the $2,350 level. ETH is currently recovering from losses and faces a major hurdle near the $2,300 zone.

• Ethereum fell further and was trading below the $2,350 zone.
• The price is trading below $2,400 and the 100-hour basic moving average.
• A key bearish trend line is forming on the ETH/USD hourly chart (data intake via Kraken) with resistance at $2,400.
• The pair needs to clear the resistance levels at $2,400 and $2,420 to start a decent rally in the near future.

Etherum Price Eyes Recovery

Ethereum price remained in the bear zone and deepened losses below the level of $2,400. ETH prices fell below the support at $2,350 to move further into a bearish zone like Bitcoin.

The price even rose below the support level of $2,320. The bottom was formed near $2,311 and the price is currently consolidating losses. There was a slight augment above the $2,350 level. The price is still below the 23.6% Fib retracement level of the bearish wave from the high of $2,655 to the low of $2,311.

Ethereum price is currently trading below $2,400 and the 100-hour basic moving average. On the other hand, the price seems to be facing some headwinds near the $2,400 level. A key bearish trend line is also forming on the ETH/USD hourly chart with resistance at $2,400.

A clear move above the trendline resistance could push the price towards the resistance at $2,480. It is close to the 50% Fib retracement level of the downward wave from the high of $2,655 to the low of $2,311.

An upward break above the resistance at $2,480 could trigger further gains in the coming sessions. In the above case, Ether may rise towards the resistance zone at $2,550 in the near future. The next hurdle is near the $2,650 level, or $2,665.

Another ETH drop?

If Ethereum fails to break the resistance at $2,400, another decline could begin. Initial downside support is near the $2,350 level. The first major support is located near the $2,300 zone.

A clear move below the support at $2,300 could push the price towards $2,220. Any further losses could push 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 losing momentum in the bear zone.

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

Main support level – USD 2,300

Major resistance level – $2,400