Ethereum (ETH) has been experiencing fluctuating movements lately. Ethereum failed to rise above the $2,500 level and it is showing fresh bearish signs. If this move continues, ETH could decline below the $2,240 level.
Ethereum, the king of altcoins, is struggling to break $2,400 and $2,500 to gain an upward momentum. Looking at the price, we witness that it is currently trading well below the 100 hourly simple moving average at $2,450.
When we focus on the hourly chart of ETH / USD, we see a key bearish trend line with resistance near the $ 2,410 level. We can say that if the pair goes down to the $2,200 level, the decline may accelerate further.
As can be seen in the chart, if Ethereum cannot break the $ 2,400 and $ 2,450 resistance levels, we can say that the bearish movement may extend. The first support on the downside seems to be in a region close to the $ 2,250 band.
The first major support is currently seen near the $2,200 level. If there is a downside break below the $2,200 support, larger declines can be expected. If there are more losses, the price could decline to the $1,850 support area first and then the critical $1,700 zone.
When we look at the technical indicators, we encounter the fact that the hourly MACD is slowly losing speed in the bearish zone. On the other hand, the hourly RSI is currently below the 50 level. In Ethereum, where the main support level is $2,200, the main resistance level is $2,450.