February 23, 2024

Ethereum Bears Keep Pushing, Why Decline Isn’t Over Yet


Ethereum price is again moving lower from the $2,325 resistance. ETH could decline heavily if there is a move below the $2,270 support zone.

  • Ethereum is showing a few bearish signs from the $2,325 zone.
  • The price is trading below $2,300 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might start a fresh increase if it manages to clear the $2,325 resistance zone.

Ethereum Price Struggles Below $2,325

Ethereum price attempted a fresh increase above the $2,300 level. However, ETH faced strong selling interest near the $2,325 zone. A high was formed near $2,327 and the price started a fresh decline, like Bitcoin.

There was a move below the $2,300 support zone. The price even spiked below $2,280 and traded below the 50% Fib retracement level of the upward move from the $2,241 swing low to the $2,327 high. Ethereum is now trading below $2,300 and the 100-hourly Simple Moving Average.

The bulls are now protecting the $2,270 support or the 61.8% Fib retracement level of the upward move from the $2,241 swing low to the $2,327 high. On the upside, the first major resistance is near the $2,300 level. There is also a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is near $2,325, above which the price might rise and test the $2,380 resistance. If the bulls push the price above the $2,380 resistance, they could aim for $2,440. A clear move above the $2,440 level might send the price further higher. In the stated case, the price could rise toward the $2,500 level.

More Losses in ETH?

If Ethereum fails to clear the $2,325 resistance, it could start another decline. Initial support on the downside is near the $2,270 level.

The next key support could be the $2,240 zone. A clear move below the $2,240 support might send the price toward $2,200. The main support could be $2,120. Any more losses might send the price toward the $2,080 level.

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 50 level.

Major Support Level – $2,240

Major Resistance Level – $2,325

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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