Ethereum price started a fresh decline from the $2,350 resistance. ETH is now testing the $2,240 support and remains at risk of more downsides. Ethereum started a fresh decline after it failed to surpass the $2,350 resistance 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 stay above the $2,240 level. Ethereum Price Eyes Fresh Increase Ethereum price attempted a fresh increase above the $2,320 resistance zone. However, ETH struggled to gain strength for a move above the $2,350 resistance zone, like Bitcoin. A high was formed near $2,350 and the price started a fresh decline. There was a clear move below the $2,320 and $2,300 levels. The price retested the $2,240 support. A low is formed near $2,241 and the price is now consolidating losses. It is testing the 23.6% Fib retracement level of the downward move from the $2,350 swing high to the $2,241 low. There is also a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD. Ethereum is now trading below $2,300 and the 100-hourly Simple Moving Average. On the upside, the first major resistance is near the $2,275 level. The next major resistance is near $2,300 or the trend line. It is near the 50% Fib retracement level of the downward move from the $2,350 swing high to the $2,241 low. Source: ETHUSD on TradingView.com The next key resistance might be $2,325, above which the price might rise and test the $2,350 resistance. If the bulls push the price above the $2,350 resistance, they could aim for $2,400. A clear move above the $2,400 level might send the price further higher. In the stated case, the price could rise toward the $2,450 level. More Losses in ETH? If Ethereum fails to clear the $2,300 resistance, it could continue to move down. Initial support on the downside is near the $2,240 level. The next key support could be the $2,200 zone. A daily close below the $2,200 support might start another steady decline. In the stated case, Ether could test the $2,120 support. Any more losses might send the price toward the $2,080 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $2,240 Major Resistance Level – $2,300
