Ethereum

Ethereum Corrects Losses, Here’s Why $2,300 Is A Major Hurdle

Ethereum started a sharp downside correction below $2,400 and $2,300 against the US Dollar. ETH price is correcting losses, but it is likely to face sellers near $2,300.

Ethereum declined heavily from well above $2,400 and tested the $2,000 zone.
The price is now trading well below $2,300 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $2,250 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to face a strong resistance near $2,300 and $2,320.

Ethereum Price Is Correcting Losses
Ethereum formed a short-term top near the $2,550 level and started a major decline. ETH traded below many important supports near the $2,400 and $2,300.
The price even declined below the $2,200 support and settled well below the 100 hourly simple moving average, similar to bitcoin. It even spiked below the $2,000 support and traded as low as $1,951. Recently, ether started a decent recovery and climbed above the $2,100 and $2,200 levels.
There was a break above the 50% Fib retracement level of the downward move from the $2,496 swing high to $1,951 low. There was also a break above a key bearish trend line with resistance near $2,250 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
The pair is now consolidating near the $2,250 level. On the upside, there is a major resistance forming near the $2,300 level and the 100 hourly simple moving average. The 61.8% Fib retracement level of the downward move from the $2,496 swing high to $1,951 low is also near $2,288.
A successful close above the $2,300 level and the 100 hourly SMA is must to move back into a positive zone. The next major resistance sits near $2,350.
Fresh Decline in ETH?
If Ethereum fails to clear the $2,300 level and the 100 hourly SMA, there is a risk of a fresh decline. An initial support on the downside is near the $2,200 level.
The next major support is near the $2,175 level. A successful downside break below the $2,175 support zone could open the doors for a move towards the $2,100 support in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now back above the 50 level.
Major Support Level – $2,200
Major Resistance Level – $2,300

bitcoin
Bitcoin (BTC) $ 66,076.70
ethereum
Ethereum (ETH) $ 3,560.73
tether
Tether (USDT) $ 0.999805
bnb
BNB (BNB) $ 605.90
solana
Solana (SOL) $ 145.14
staked-ether
Lido Staked Ether (STETH) $ 3,560.39
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.491173
dogecoin
Dogecoin (DOGE) $ 0.136442
the-open-network
Toncoin (TON) $ 7.93
cardano
Cardano (ADA) $ 0.411917
shiba-inu
Shiba Inu (SHIB) $ 0.000021
avalanche-2
Avalanche (AVAX) $ 29.98
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,205.74
tron
TRON (TRX) $ 0.115299
chainlink
Chainlink (LINK) $ 14.85
uniswap
Uniswap (UNI) $ 11.41
polkadot
Polkadot (DOT) $ 6.20
bitcoin-cash
Bitcoin Cash (BCH) $ 429.31
near
NEAR Protocol (NEAR) $ 5.61
litecoin
Litecoin (LTC) $ 79.15
matic-network
Polygon (MATIC) $ 0.613506
wrapped-eeth
Wrapped eETH (WEETH) $ 3,700.34
leo-token
LEO Token (LEO) $ 5.76
dai
Dai (DAI) $ 1.00
pepe
Pepe (PEPE) $ 0.000012
internet-computer
Internet Computer (ICP) $ 9.10
ethereum-classic
Ethereum Classic (ETC) $ 25.58
fetch-ai
Fetch.ai (FET) $ 1.46
kaspa
Kaspa (KAS) $ 0.152274
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,553.01
aptos
Aptos (APT) $ 7.86
ethena-usde
Ethena USDe (USDE) $ 1.00
monero
Monero (XMR) $ 174.70
render-token
Render (RNDR) $ 7.94
hedera-hashgraph
Hedera (HBAR) $ 0.084799
filecoin
Filecoin (FIL) $ 5.20
mantle
Mantle (MNT) $ 0.895615
stellar
Stellar (XLM) $ 0.097981
blockstack
Stacks (STX) $ 1.94
cosmos
Cosmos Hub (ATOM) $ 7.12
okb
OKB (OKB) $ 46.13
crypto-com-chain
Cronos (CRO) $ 0.100385
arbitrum
Arbitrum (ARB) $ 0.920890
immutable-x
Immutable (IMX) $ 1.74
first-digital-usd
First Digital USD (FDUSD) $ 0.998911
injective-protocol
Injective (INJ) $ 25.79
dogwifcoin
dogwifhat (WIF) $ 2.38
sui
Sui (SUI) $ 0.943261
the-graph
The Graph (GRT) $ 0.237468