Ethereum Price Upside Stalls, Another Decline Could Be Brewing

The pair could start a fresh increase if it stays above the 2,255 zone. Ethereum Price Trims Gains Ethereum price failed to remain stable above 2,385 and started a downside correction, underperforming Bitcoin. ETH price dipped below the 2,365 and 2,350 levels. There was a break below a bullish trend line with support at 2,340 on the hourly chart of ETH/USD. The pair traded as low as 2,286 and is currently consolidating losses. There was a minor move above the 23.6 Fib retracement level of the downward move from the 2,423 swing high to the 2,286 low. Ethereum price is now trading below 2,365 and the 100-hourly Simple Moving Average. If the bulls remain in action above 2,285, the price could attempt another increase. Immediate resistance is seen near the 2,355 level and the 50 Fib retracement level of the downward move from the 2,423 swing high to the 2,286 low. The first key resistance is near the 2,385 level. The next major resistance is near the 2,425 level. A clear move above the 2,425 resistance might send the price toward the 2,450 resistance. An upside break above the 2,450 region might call for more gains in the coming days. In the stated case, Ether could rise toward the 2,510 resistance zone or even 2,550 in the near term. More Losses In ETH? If Ethereum fails to clear the 2,385 resistance, it could start a fresh decline. Initial support on the downside is near the 2,285 level. The first major support sits near the 2,255 zone. A clear move below the 2,255 support might push the price toward the 2,200 support. Any more losses might send the price toward the 2,150 region. The main support could be 2,120. 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 – 2,255 Major Resistance Level – 2,425