Ethereum price started a downside correction from $2,380. ETH is now showing a 
few bearish signs and might decline further if it trades below $2,300. 
Ethereum started a downside correction below the $2,360 zone. The price is 
trading below $2,350 and the 100-hourly Simple Moving Average. There was a 
break below a bullish trend line with support at $2,340 on the hourly chart of 
ETH/USD (data feed via Kraken). The pair could continue to move down if it 
stays below the $2,350 zone. Ethereum Price Dips Again Ethereum price failed 
to stay above the $2,365 zone and extended its decline, like Bitcoin. ETH 
price gained pace for a move below the $2,350 and $2,340 levels. There was a 
break below a bullish trend line with support at $2,340 on the hourly chart of 
ETH/USD. The bears pushed the price below the 50% Fib retracement level of the 
upward move from the $2,265 swing low to the $2,382 high. Finally, the bulls 
appeared near $2,300. Ethereum price is now trading below $2,340 and the 
100-hourly Simple Moving Average. If the bulls remain in action above $2,300, 
the price could attempt another increase. Immediate resistance is seen near 
the $2,340 level. The first key resistance is near the $2,365 level. The next 
major resistance is near the $2,380 level. A clear move above the $2,380 
resistance might send the price toward the $2,400 resistance. An upside break 
above the $2,400 region might call for more gains in the coming days. In the 
stated case, Ether could rise toward the $2,440 resistance zone or even $2,450 
in the near term. More Downside In ETH? If Ethereum fails to clear the $2,350 
resistance, it could start a fresh decline. Initial support on the downside is 
near the $2,300 level and the 76.4% Fib retracement level of the upward move 
from the $2,265 swing low to the $2,382 high. The first major support sits 
near the $2,265 zone. A clear move below the $2,265 support might push the 
price toward the $2,220 support. Any more losses might send the price toward 
the $2,200 region. The main support could be $2,150. Technical Indicators 
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. 
Hourly RSI &#8211; The RSI for ETH/USD is now below the 50 zone. Major Support Level 
– $2,300 Major Resistance Level – $2,380

Ethereum Price Rejected Near $2,400 Again, Sellers Defend Key Barrier

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Ethereum Price Rejected Near $2,400 Again, Sellers Defend Key Barrier

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