Ethereum Price Flashes Weakness Signals, Pullback Fears Start Rising

Ethereum price started a fresh decline and traded below $2,265. ETH is now consolidating above $2,220 and might struggle to recover.

• Ethereum started a downside correction below the $2,265 zone.
• The price is trading below $2,280 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $2,285 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move down if it stays below the $2,300 zone.

Ethereum Price Extends Losses

Ethereum price failed to remain stable above $2,300 and started a fresh decline, like Bitcoin. ETH price dipped below the $2,280 and $2,265 levels.

The price even traded below $2,250. A low was formed at $2,233, and the price is now consolidating losses. There was a minor upward move above the 23.6% Fib retracement level of the downward move from the $2,322 swing high to the $2,233 low.

Ethereum price is now trading below $2,280 and the 100-hourly Simple Moving Average. Besides, there is a bearish trend line forming with resistance at $2,285 on the hourly chart of ETH/USD.

If the bulls remain in action above $2,220, the price could attempt another increase. Immediate resistance is seen near the $2,265 level. The first key resistance is near the $2,285 level or the 61.8% Fib retracement level of the downward move from the $2,322 swing high to the $2,233 low and the trend line.

Source: ETHUSD on TradingView.com

The next major resistance is near the $2,320 level. A clear move above the $2,320 resistance might send the price toward the $2,350 resistance. An upside break above the $2,350 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,400 resistance zone or even $2,420 in the near term.