{"id":464768,"date":"2021-05-31T06:28:23","date_gmt":"2021-05-31T06:28:23","guid":{"rendered":"https:\/\/wncen.com\/?p=464768"},"modified":"2024-06-11T13:56:04","modified_gmt":"2024-06-11T13:56:04","slug":"ethereum-resumes-decline-2200","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-resumes-decline-2200\/","title":{"rendered":"TA: Ethereum Resumes Decline, Here\u2019s What Could Trigger More Downsides"},"content":{"rendered":"<p><em>Ethereum failed to continue above $2,500 and started a fresh decline against the US Dollar. ETH price is showing bearish signs and it could continue lower below $2,240.<\/em><\/p>\n<ul>\n<li>Ethereum is struggling to gain bullish momentum above the $2,400 and $2,500 levels.<\/li>\n<li>The price is now trading well below $2,450 and the 100 hourly simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance near $2,410 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could accelerate lower if it breaks the $2,200 support zone in the near term.<\/li>\n<\/ul>\n<h2>Ethereum Price Is Showing Bearish Signs<\/h2>\n<p>Ethereum started a decent recovery from the $2,200 support zone. ETH climbed above the $2,300 and $2,350 resistance levels. However, the bulls failed to gain strength for a push above $2,450 and the <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-100-sma-ikey-fresh-increase\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>.<\/p>\n<p>The price started a fresh decline and traded below the $2,400 level. It broke the 50% Fib retracement level of the upward move from the $2,200 swing low to $2,481 high.<\/p>\n<p>It is now trading well below $2,450 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $2,410 on the hourly chart of ETH\/USD. Ether is now testing the 61.8% Fib retracement level of the upward move from the $2,200 swing low to $2,481 high.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Ethereum-15.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-464769\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Ethereum-15.png?resize=1828%2C867\" alt=\"Ethereum Price\" width=\"1828\" height=\"867\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Ethereum-15.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Ethereum-15.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Ethereum-15.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Ethereum-15.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Ethereum-15.png?w=130 130w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Ethereum-15.png?w=104 104w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Ethereum-15.png?w=83 83w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Ethereum-15.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Ethereum-15.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Ethereum-15.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSD on TradingView.com<\/a><\/pre>\n<p>On the upside, an immediate resistance is near the $2,360 level. The first major resistance is near the trend line and the $2,440 level. A close above the trend line could start a major increase towards the $2,500 level. The next <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-eth-could-test-3k\/\" target=\"_blank\" rel=\"noopener \">major resistance<\/a> is near the $2,550 level.<\/p>\n<h2>More Losses in ETH?<\/h2>\n<p>If Ethereum fails to clear the $2,400 and $2,450 resistance levels, it could extend its decline. An initial support on the downside is near the $2,250 zone.<\/p>\n<p>The first major support is now near the $2,200 level. A downside break below the $2,200 support might spark a larger decline. The next key support is near the $2,200 level. Any more losses could lead the price towards the $1,850 support zone, followed by the $1,700 region.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is slowly losing pace in the bearish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is currently below the 50 level.<\/p>\n<p>Major Support Level \u2013 $2,200<\/p>\n<p>Major Resistance Level \u2013 $2,450<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum failed to continue above $2,500 and started a fresh decline against the US Dollar. ETH price is showing bearish signs and it could continue lower below $2,240. Ethereum is struggling to gain bullish momentum above the $2,400 and $2,500 levels. The price is now trading well below $2,450 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $2,410 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could accelerate lower if it breaks the $2,200 support zone in the near term. Ethereum Price Is Showing Bearish Signs Ethereum started a decent recovery from the $2,200 support zone. ETH climbed above the $2,300 and $2,350 resistance levels. However, the bulls failed to gain strength for a push above $2,450 and the 100 hourly simple moving average. The price started a fresh decline and traded below the $2,400 level. It broke the 50% Fib retracement level of the upward move from the $2,200 swing low to $2,481 high. It is now trading well below $2,450 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $2,410 on the hourly chart of ETH\/USD. Ether is now testing the 61.8% Fib retracement level of the upward move from the $2,200 swing low to $2,481 high. Source: ETHUSD on TradingView.com On the upside, an immediate resistance is near the $2,360 level. The first major resistance is near the trend line and the $2,440 level. A close above the trend line could start a major increase towards the $2,500 level. The next major resistance is near the $2,550 level. More Losses in ETH? If Ethereum fails to clear the $2,400 and $2,450 resistance levels, it could extend its decline. An initial support on the downside is near the $2,250 zone. The first major support is now near the $2,200 level. A downside break below the $2,200 support might spark a larger decline. The next key support is near the $2,200 level. Any more losses could lead the price towards the $1,850 support zone, followed by the $1,700 region. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is slowly losing pace in the bearish zone. Hourly RSI &#8211; The RSI for ETH\/USD is currently below the 50 level. Major Support Level \u2013 $2,200 Major Resistance Level \u2013 $2,450<\/p>\n","protected":false},"author":67,"featured_media":464770,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[1946,8686,78803],"class_list":["post-464768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>TA: Ethereum Resumes Decline, Here\u2019s What Could Trigger More Downsides<\/title>\n<meta name=\"description\" content=\"Ethereum failed to continue above $2,500 and started a fresh decline against the US Dollar. 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