TA: Ethereum Resumes Decline, Here’s What Could Trigger More Downsides

Ethereum failed to continue above $2,500 and started a fresh decline against the US Dollar. ETH price is showing bearish signs and it could continue lower below $2,240.

Ethereum is struggling to gain bullish momentum above the $2,400 and $2,500 levels.
The price is now trading well below $2,450 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $2,410 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could accelerate lower if it breaks the $2,200 support zone in the near term.

Ethereum Price Is Showing Bearish Signs
Ethereum started a decent recovery from the $2,200 support zone. ETH climbed above the $2,300 and $2,350 resistance levels. However, the bulls failed to gain strength for a push above $2,450 and the 100 hourly simple moving average.
The price started a fresh decline and traded below the $2,400 level. It broke the 50% Fib retracement level of the upward move from the $2,200 swing low to $2,481 high.
It is now trading well below $2,450 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $2,410 on the hourly chart of ETH/USD. Ether is now testing the 61.8% Fib retracement level of the upward move from the $2,200 swing low to $2,481 high.

Source: ETHUSD on TradingView.com
On the upside, an immediate resistance is near the $2,360 level. The first major resistance is near the trend line and the $2,440 level. A close above the trend line could start a major increase towards the $2,500 level. The next major resistance is near the $2,550 level.
More Losses in ETH?
If Ethereum fails to clear the $2,400 and $2,450 resistance levels, it could extend its decline. An initial support on the downside is near the $2,250 zone.
The first major support is now near the $2,200 level. A downside break below the $2,200 support might spark a larger decline. The next key support is near the $2,200 level. Any more losses could lead the price towards the $1,850 support zone, followed by the $1,700 region.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Major Support Level – $2,200
Major Resistance Level – $2,450

bitcoin
Bitcoin (BTC) $ 16,988.35
ethereum
Ethereum (ETH) $ 1,272.49
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 291.82
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.395710
dogecoin
Dogecoin (DOGE) $ 0.102199
cardano
Cardano (ADA) $ 0.325021
matic-network
Polygon (MATIC) $ 0.926256
polkadot
Polkadot (DOT) $ 5.58
staked-ether
Lido Staked Ether (STETH) $ 1,258.66
okb
OKB (OKB) $ 22.10
shiba-inu
Shiba Inu (SHIB) $ 0.000009
litecoin
Litecoin (LTC) $ 76.84
dai
Dai (DAI) $ 1.00
tron
TRON (TRX) $ 0.054241
solana
Solana (SOL) $ 13.58
uniswap
Uniswap (UNI) $ 6.21
avalanche-2
Avalanche (AVAX) $ 13.57
chainlink
Chainlink (LINK) $ 7.43
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,964.01
leo-token
LEO Token (LEO) $ 3.81
cosmos
Cosmos Hub (ATOM) $ 10.25
ethereum-classic
Ethereum Classic (ETC) $ 19.63
monero
Monero (XMR) $ 146.16
the-open-network
The Open Network (TON) $ 1.80
stellar
Stellar (XLM) $ 0.088122
bitcoin-cash
Bitcoin Cash (BCH) $ 112.08
quant-network
Quant (QNT) $ 131.75
algorand
Algorand (ALGO) $ 0.241577
crypto-com-chain
Cronos (CRO) $ 0.064585
filecoin
Filecoin (FIL) $ 4.54
near
NEAR Protocol (NEAR) $ 1.72
apecoin
ApeCoin (APE) $ 3.96
vechain
VeChain (VET) $ 0.019440
hedera-hashgraph
Hedera (HBAR) $ 0.048438
internet-computer
Internet Computer (ICP) $ 4.22
flow
Flow (FLOW) $ 1.10
terra-luna
Terra Luna Classic (LUNC) $ 0.000179
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.98
eos
EOS (EOS) $ 0.941337
frax
Frax (FRAX) $ 1.00
trust-wallet-token
Trust Wallet (TWT) $ 2.34
the-sandbox
The Sandbox (SAND) $ 0.594977
tezos
Tezos (XTZ) $ 1.02
aave
Aave (AAVE) $ 64.17
chiliz
Chiliz (CHZ) $ 0.169686
theta-token
Theta Network (THETA) $ 0.906508
huobi-token
Huobi (HT) $ 6.78