Like Bitcoin, Ethereum’s price began to decline after failing to stay steady over $2,250. The price of ETH fell below $2,220 and $2,200. Additionally, the hourly chart of ETH/USD showed a breach below a positive trend line with support at $2,210. After trading as low as $2,176, the pair is now consolidating losses below the 23.6% Fib retracement level of the decline from the swing high of $2,329 to the low of $2,175.
The price of Ethereum is currently below the 100-hour Simple Moving Average and $2,250. The price may try to rise again if the bulls continue to move above $2,175. Near the $2,210 mark, there is immediate resistance. The $2,235 mark is close to the first significant obstacle. The $2,250 mark or the 50% Fib retracement level of the decline from the $2,329 swing high to the $2,175 low is the next significant barrier.
The price could advance toward the $2,290 resistance if there is a definite rise above the $2,250 resistance. Further increases in the days ahead could be anticipated if there is an upward break over the $2,290 area. In the given scenario, Ether might advance in the near future toward the $2,320 barrier level or possibly $2,350. Ethereum may begin a new slump if it is unable to break through the $2,235 barrier.
The $2,175 mark is close to the initial support on the decline. The $2,140 range is close to the first significant support. The price may move toward the $2,110 support if it clearly moves below the $2,140 support. If there are any additional losses, the price may go closer to $2,060. $2,020 might be the primary source of support.