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Ethereum Price Consolidates Below Hurdle, What Could Trigger Fresh Increase

Ethereum price started a consolidation phase after a sharp decline. ETH must clear the $2,275 resistance to start a fresh increase in the near term.

  • Ethereum recovered losses after testing the $2,000 support zone.
  • The price is trading below $2,320 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance near $2,240 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bullish momentum if it clears the $2,250 and $2,275 resistance levels.

Ethereum Price Eyes Fresh Increase

Ethereum price started a sharp decline below the $2,300 pivot level, like Bitcoin. ETH declined heavily below the $2,220 and $2,200 levels. Finally, it tested the $2,000 support before the bulls emerged.

A low was formed near $1,980 and the price is now attempting a recovery wave. There was a move above the $2,120 and $2,150 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward wave from the $2,400 swing high to the $1,980 low.




Ethereum is now trading below $2,320 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,250 zone. There is also a key bearish trend line forming with resistance near $2,240 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com



The next key resistance is near the $2,275 level or the 76.4% Fib retracement level of the downward wave from the $2,400 swing high to the $1,980 low. A clear move above the $2,300 zone could send the price toward the $2,400 level. The next resistance sits at $2,450. Any more gains could start a wave toward the $2,500 level.

More Losses in ETH?

If Ethereum fails to clear the $2,275 resistance, it could start another decline. Initial support on the downside is near the $2,155 level.

The next key support is $2,120. The main support is now near $2,100. A downside break below $2,100 might start another major decline. In the stated case, Ether could revisit the $2,000 support. Any more losses might call for a test of the $1,880 support zone in the near term.


Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 30 level.

Major Support Level – $2,155

Major Resistance Level – $2,275

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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