Ethereum price started a downside correction from $2,380. ETH is now showing a few bearish signs and might decline further if it trades below $2,300.

Ethereum price failed to stay above the $2,365 zone and extended its decline, like Bitcoin. ETH price gained pace for a move below the $2,350 and $2,340 levels.

There was a break below a bullish trend line with support at $2,340 on the hourly chart of ETH/USD. The bears pushed the price below the 50% Fib retracement level of the upward move from the $2,265 swing low to the $2,382 high.

Finally, the bulls appeared near $2,300. Ethereum price is now trading below $2,340 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,300, the price could attempt another increase. Immediate resistance is seen near the $2,340 level. The first key resistance is near the $2,365 level.

The next major resistance is near the $2,380 level. A clear move above the $2,380 resistance might send the price toward the $2,400 resistance. An upside break above the $2,400 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,440 resistance zone or even $2,450 in the near term.

If Ethereum fails to clear the $2,350 resistance, it could start a fresh decline. Initial support on the downside is near the $2,300 level and the 76.4% Fib retracement level of the upward move from the $2,265 swing low to the $2,382 high. The first major support sits near the $2,265 zone.

A clear move below the $2,265 support might push the price toward the $2,220 support. Any more losses might send the price toward the $2,200 region. The main support could be $2,150.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,300

Major Resistance Level – $2,380

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