#ETH

Ethereum’s price began to drop again from the $2,550 area. ETH is now falling below $2,200 and may decline further in the short term.

• Ethereum begins to drop again below the support area of $2,350.

• The price is below $2,250 and the 100-hour simple moving average.

• A new bearish trend line has formed on the hourly chart of ETH/USD, with resistance at $2,160 (data provided by Kraken).

• The currency pair must break through the resistance levels of $2,160 and $2,250 to initiate a recovery wave.

Ethereum’s price dropped by 15%

Ethereum’s price failed to break above the resistance area of $2,550 and began to drop again like Bitcoin. ETH gained bearish momentum below the support levels of $2,400 and $2,350.

The price has clearly dropped below the support area of $2,250 and the 100-hour simple moving average. The price even fell below the previous low and tested the $2,000 area. The low was formed at $2,003, and the current price is consolidating below the 23.6% Fibonacci retracement level from the recent high of $2,550 to the low of $2,003.

Ethereum’s price is currently below $2,250 and the 100-hour simple moving average. On the upside, the price seems to face resistance near $2,080. The first major resistance level is around $2,150.

A new bearish trend line has also formed on the hourly chart of ETH/USD, with resistance at $2,160. The main resistance level is currently around $2,275, which is the 50% Fibonacci retracement level from the recent drop from the high of $2,550 to the low of $2,003.

A clear breakout above the resistance level of $2,275 could push the price towards the resistance level of $2,350. A breakout above the resistance level of $2,350 could bring more gains in the coming trading days. In this case, Ether could rise towards the resistance level of $2,450 or even $2,500 in the short term.

Is ETH dropping again?

If Ethereum fails to break above the resistance level of $2,160, it may drop again. The initial support level on the downside is near $2,020. The first major support level is around the $2,000 area.

A drop below the support level of $2,000 could push the price toward the support level of $1,880. If the price drops further, it could fall toward the support level of $1,750 in the short term. The next key support level is at $1,640.

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 area.

• Major support level – $2,000

• Major resistance level – $2,160