Ethereum price took a major hit like Bitcoin and dropped over $350. ETH tested the $2,000 support and is currently attempting a fresh increase.
- Ethereum declined over 8% and broke the $2,200 support zone.
- The price is trading below $2,300 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support near $2,340 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise again unless there is a close below the $2,100 support zone.
Ethereum Price Took A Major Hit
Ethereum price climbed further higher above the $2,300 level. ETH even cleared the $2,350 level but the bears remained active near the $2,400 zone. A high was formed near $2,401 and there was a sharp decline like Bitcoin.
The price declined over 8% and there was a move below the $2,200 level. Besides, there was a break below a key bullish trend line with support near $2,340 on the hourly chart of ETH/USD. The pair even spiked below the $2,000 support before the bulls appeared.
Another Decline in ETH?
If Ethereum fails to clear the $2,300 resistance, it could start another decline. Initial support on the downside is near the $2,180 level. The next key support is $2,120. The main support is now near $2,100. A downside break below $2,200 might start an extended decline. The key support is now at $2,000, below which there is a risk of a move toward the $1,880 level in the near term.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 30 level.
Major Support Level – $2,100 Major Resistance Level – $2,300
