Ethereum

Ethereum started a fresh decline from the $2,850 resistance against the US Dollar. ETH price is down over 5% and it is struggling to stay above $2,420.

Ethereum declined sharply after there was a clear break below the $2,650 support.
The price is now well below $2,650 and the 100 hourly simple moving average.
There was a break below a key rising channel with support near $2,760 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down unless there is a strong recovery above $2,550 and $2,650.

Ethereum Price Breaks Key Support
Ethereum attempted a major upside break above the $2,800 level. However, ETH failed to clear the $2,850 level and started a fresh decline.
There was a break below a key rising channel with support near $2,760 on the hourly chart of ETH/USD. The pair declined sharply below the $2,650 support and it settled well below the 100 hourly simple moving average.
Ether gained bearish momentum and it even broke the key $2,550 support zone. There was a spike below $2,450, but the price remained stable above the $2,420 support. A low is formed near $2,433 and the price is now consolidating losses.

Source: ETHUSD on TradingView.com
An initial resistance on the upside is near the $2,520 level. The 23.6% Fib retracement level of the of the recent decline from the $2,849 high to $2,433 low is also near $2,530.
The first major resistance is near the $2,550 level. The main resistance is now forming near $2,650. It is close to the 50% Fib retracement level of the of the recent decline from the $2,849 high to $2,433 low. A clear upside break above the $2,650 level could set the pace for a steady increase.
More Losses in ETH?
If Ethereum fails to clear the $2,550 and $2,650 resistance levels, it could extend its decline. An initial support on the downside is near the $2,450 level.
The first major support is near the $2,420 level. A downside break below $2,420 could open the doors for a larger decline. The next major support is near the $2,200 zone, where the bulls are likely to take a stand.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 30 level.
Major Support Level – $2,420
Major Resistance Level – $2,550

Warren Mraz

By Warren Mraz

I’m a highly experienced and well-respected author in the field of Cryptocurrency. I have been writing on the subject for over 5 years now and have become an expert in the field. My work has been featured in many prestigious publications, including The Wall Street Journal, Forbes, and Business Insider. I’m a regular contributor to CoinDesk, one of the leading sources of Cryptocurrency news and information. In addition to my writing, I’m also a highly sought-after speaker on the topic of Cryptocurrency investing and trading. I have been invited to speak at numerous events around the world, including the World Economic Forum in Davos, Switzerland.

bitcoin
Bitcoin (BTC) $ 16,214.26
ethereum
Ethereum (ETH) $ 1,175.16
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 295.80
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.385828
dogecoin
Dogecoin (DOGE) $ 0.095358
cardano
Cardano (ADA) $ 0.306823
matic-network
Polygon (MATIC) $ 0.823870
polkadot
Polkadot (DOT) $ 5.15
staked-ether
Lido Staked Ether (STETH) $ 1,157.76
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 0.996027
litecoin
Litecoin (LTC) $ 71.67
okb
OKB (OKB) $ 20.32
tron
TRON (TRX) $ 0.052921
solana
Solana (SOL) $ 13.40
uniswap
Uniswap (UNI) $ 5.29
avalanche-2
Avalanche (AVAX) $ 12.34
leo-token
LEO Token (LEO) $ 3.90
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,131.99
chainlink
Chainlink (LINK) $ 6.74
cosmos
Cosmos Hub (ATOM) $ 9.75
ethereum-classic
Ethereum Classic (ETC) $ 18.98
the-open-network
The Open Network (TON) $ 1.71
monero
Monero (XMR) $ 135.00
stellar
Stellar (XLM) $ 0.087000
bitcoin-cash
Bitcoin Cash (BCH) $ 108.11
algorand
Algorand (ALGO) $ 0.233576
quant-network
Quant (QNT) $ 112.39
crypto-com-chain
Cronos (CRO) $ 0.062547
apecoin
ApeCoin (APE) $ 3.88
filecoin
Filecoin (FIL) $ 4.21
vechain
VeChain (VET) $ 0.018391
near
NEAR Protocol (NEAR) $ 1.54
hedera-hashgraph
Hedera (HBAR) $ 0.048542
frax
Frax (FRAX) $ 1.00
flow
Flow (FLOW) $ 1.11
internet-computer
Internet Computer (ICP) $ 3.87
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 42.38
eos
EOS (EOS) $ 0.900812
terra-luna
Terra Luna Classic (LUNC) $ 0.000159
theta-token
Theta Network (THETA) $ 0.921423
paxos-standard
Pax Dollar (USDP) $ 1.00
tezos
Tezos (XTZ) $ 0.972139
chain-2
Chain (XCN) $ 0.040411
chiliz
Chiliz (CHZ) $ 0.162746
the-sandbox
The Sandbox (SAND) $ 0.553913
aave
Aave (AAVE) $ 60.33