Ethereum

How Ethereum Close Below $2.3K Could Spark Larger Degree Decline

Ethereum remains in a bearish zone and it traded below $2,350 against the US Dollar. ETH price could accelerate lower if there is a close below $2,300.

Ethereum extended its decline below the $2,400 and $2,350 levels.
The price is now trading well below $2,400 and the 100 hourly simple moving average.
There is a crucial bearish trend line forming with resistance near $2,380 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its decline if the bulls fail to protect the key $2,300 support zone.

Ethereum Price Remains At Risk
Ethereum started a steady decline from well above $2,500, similar to bitcoin. ETH traded below the $2,450 and $2,400 support levels to move into a bearish zone.
There was also a break below the $2,350 support zone and yesterday’s low. The price is now trading well below $2,400 and the 100 hourly simple moving average. Ether is managing to stay above the key $2,300 support zone. A low is formed near $2,304 and the price is consolidating losses.
An initial resistance is near the $2,350 level. The first key resistance is near the $2,380 level. There is also a crucial bearish trend line forming with resistance near $2,380 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
The trend line is near the 23.6% Fib retracement level of the of the recent drop from the $2,640 swing high to $2,304 low. The first major resistance is near the $2,400 level. The main resistance is now forming near the $2,450 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the of the recent drop from the $2,640 swing high to $2,304 low.
More Losses in ETH?
If Ethereum fails to clear the $2,380 and $2,400 resistance levels, it could continue to move down. An initial support on the downside is near the $2,320 level.
The main breakdown support is now forming near the $2,300 level. A downside break below the recent low and the $2,300 support level may possibly spark a major decline. In the stated case, ether price is likely to decline towards $2,150 in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is struggling to gain pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently near the 40 level.
Major Support Level – $2,300
Major Resistance Level – $2,400

bitcoin
Bitcoin (BTC) $ 26,498.10
ethereum
Ethereum (ETH) $ 1,589.31
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 209.66
xrp
XRP (XRP) $ 0.507144
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 1,588.90
dogecoin
Dogecoin (DOGE) $ 0.061110
cardano
Cardano (ADA) $ 0.244768
solana
Solana (SOL) $ 19.51
the-open-network
Toncoin (TON) $ 2.21
tron
TRON (TRX) $ 0.083996
polkadot
Polkadot (DOT) $ 4.02
matic-network
Polygon (MATIC) $ 0.518423
litecoin
Litecoin (LTC) $ 64.20
shiba-inu
Shiba Inu (SHIB) $ 0.000007
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,468.09
bitcoin-cash
Bitcoin Cash (BCH) $ 207.40
chainlink
Chainlink (LINK) $ 7.03
dai
Dai (DAI) $ 0.999831
true-usd
TrueUSD (TUSD) $ 0.998674
leo-token
LEO Token (LEO) $ 3.71
uniswap
Uniswap (UNI) $ 4.27
avalanche-2
Avalanche (AVAX) $ 8.89
stellar
Stellar (XLM) $ 0.113277
monero
Monero (XMR) $ 144.31
okb
OKB (OKB) $ 42.82
binance-usd
Binance USD (BUSD) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 15.19
cosmos
Cosmos Hub (ATOM) $ 7.08
hedera-hashgraph
Hedera (HBAR) $ 0.050263
filecoin
Filecoin (FIL) $ 3.23
crypto-com-chain
Cronos (CRO) $ 0.050825
lido-dao
Lido DAO (LDO) $ 1.48
internet-computer
Internet Computer (ICP) $ 2.95
quant-network
Quant (QNT) $ 89.10
mantle
Mantle (MNT) $ 0.396622
aptos
Aptos (APT) $ 5.40
vechain
VeChain (VET) $ 0.016690
maker
Maker (MKR) $ 1,275.84
near
NEAR Protocol (NEAR) $ 1.11
arbitrum
Arbitrum (ARB) $ 0.817310
optimism
Optimism (OP) $ 1.28
kaspa
Kaspa (KAS) $ 0.047771
rocket-pool-eth
Rocket Pool ETH (RETH) $ 1,725.83
aave
Aave (AAVE) $ 62.52
algorand
Algorand (ALGO) $ 0.102550
the-graph
The Graph (GRT) $ 0.087071
whitebit
WhiteBIT Coin (WBT) $ 5.31
usdd
USDD (USDD) $ 0.996631