The price of Ethereum is consolidating gains below the $2,350 resistance level. Before beginning a new climb, ETH may return to the $2,200 support level.

  • Ethereum is still trading above the $2,250 support level.
  • The price is currently trading below $2,280, as is the 100-hourly simple moving average.
  • On the hourly chart of ETH/USD (data feed via Kraken), a connecting negative trend line is forming with resistance near $2,290.
  • The pair might continue to fall and retest the $2,200 support level.

The price of Ethereum remains stable.

The Ethereum price began a downward correction from the $2,350 mark. ETH fell below the $2,320 and $2,300 marks. It even fell below the $2,250 mark.

A low was created at approximately $2,247, and the price is now attempting a new rise, similar to Bitcoin. The price rose above the $2,265 mark. The price rose above the 23.6% Fib retracement level of the decline from the swing high of $2,327 to the low of $2,247.

Ethereum is currently trading below $2,280 and the 100-hourly SMA. On the upside, the price is encountering resistance near $2,290. On the hourly chart of ETH/USD, a connecting negative trend line is forming with resistance near $2,290.

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The trend line is close to the 50% Fib retracement level of the decline from the swing high of $2,327 to the low of $2,247. A closing above the $2,290 resistance level might push the price up to $2,320.

The primary barrier is $2,350. A decisive rise above the $2,350 level might kick-start a significant surge. The next level of resistance is $2,420, above which Ethereum may rally and test the $2,550 area.

The primary barrier is $2,350. A decisive rise above the $2,350 level might kick-start a significant surge. The next level of resistance is $2,420, above which Ethereum may rally and test the $2,550 area.

More ETH losses?

If Ethereum fails to break over the $2,290 barrier level, it may begin a new drop. On the downside, initial support is near $2,250.The $2,220 area could be the first major support level.

A break and closure below $2,220 could prompt further bearish swings. In the aforementioned scenario, Ether could return to the $2,120 support. Any further losses might push the price down to $2,040.

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