Ethereum

Ethereum Plunges 5%, Can Buyers Save The Key $2.3K Support?

Ethereum extended its downside correction below $2,500 against the US Dollar. ETH price is recovering higher, but it is now trading below the 100 hourly SMA.

Ethereum failed to stay above the $2,500 support zone and extended its decline.
The price is now trading well below $2,500 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $2,460 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to face a strong selling interest near the $2,460 and $2,500 levels.

Ethereum Price Extends Losses
Ethereum topped near the $2,640 level and started a fresh decline, similar to bitcoin. ETH even struggled to stay above the $2,550 support zone and moved into a bearish zone.
There was a clear break below the $2,500 support zone and the 100 hourly simple moving average. Ether even declined below the $2,400 level and it traded as low as $2,353. It is now correcting losses and trading above the $2,400 level.
The price recovered above the 23.6% Fib retracement level of the of the recent decline from the $2,638 high to $2,353 low. On the upside, an initial resistance is near the $2,450 level.
There is also a major bearish trend line forming with resistance near $2,460 on the hourly chart of ETH/USD. The main resistance is now forming near the $2,550 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the of the recent decline from the $2,638 high to $2,353 low.

Source: ETHUSD on TradingView.com
A close above the $2,500 level and a follow up move above the $2,550 level is needed to start a steady increase in the near term.
More Losses in ETH?
If Ethereum fails to clear the $2,450 and $2,500 resistance levels, it could continue to move down. An initial support on the downside is near the $2,400 level.
The first major support is near the $2,350 level. A downside break below the recent low and the $2,350 support level may possibly push the price towards the $2,300 level. Any more losses might call for a move towards the $2,250 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently rising towards the 50 level.
Major Support Level – $2,350
Major Resistance Level – $2,500

bitcoin
Bitcoin (BTC) $ 61,448.46
ethereum
Ethereum (ETH) $ 2,427.24
tether
Tether (USDT) $ 0.997628
bnb
BNB (BNB) $ 575.81
solana
Solana (SOL) $ 140.54
usd-coin
USDC (USDC) $ 0.997585
xrp
XRP (XRP) $ 0.529988
staked-ether
Lido Staked Ether (STETH) $ 2,424.96
dogecoin
Dogecoin (DOGE) $ 0.109382
tron
TRON (TRX) $ 0.160694
the-open-network
Toncoin (TON) $ 5.14
cardano
Cardano (ADA) $ 0.339760
avalanche-2
Avalanche (AVAX) $ 26.01
wrapped-steth
Wrapped stETH (WSTETH) $ 2,867.34
shiba-inu
Shiba Inu (SHIB) $ 0.000017
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 61,382.45
weth
WETH (WETH) $ 2,427.14
chainlink
Chainlink (LINK) $ 10.58
bitcoin-cash
Bitcoin Cash (BCH) $ 323.77
polkadot
Polkadot (DOT) $ 4.05
dai
Dai (DAI) $ 0.998123
leo-token
LEO Token (LEO) $ 6.03
uniswap
Uniswap (UNI) $ 7.25
sui
Sui (SUI) $ 1.91
near
NEAR Protocol (NEAR) $ 4.65
litecoin
Litecoin (LTC) $ 64.89
aptos
Aptos (APT) $ 9.09
bittensor
Bittensor (TAO) $ 578.91
wrapped-eeth
Wrapped eETH (WEETH) $ 2,545.58
pepe
Pepe (PEPE) $ 0.000009
internet-computer
Internet Computer (ICP) $ 7.88
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.35
kaspa
Kaspa (KAS) $ 0.132536
first-digital-usd
First Digital USD (FDUSD) $ 0.999460
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.370942
monero
Monero (XMR) $ 151.36
ethereum-classic
Ethereum Classic (ETC) $ 18.27
stellar
Stellar (XLM) $ 0.089472
blockstack
Stacks (STX) $ 1.68
okb
OKB (OKB) $ 41.61
ethena-usde
Ethena USDe (USDE) $ 0.996195
dogwifcoin
dogwifhat (WIF) $ 2.35
immutable-x
Immutable (IMX) $ 1.39
aave
Aave (AAVE) $ 142.15
filecoin
Filecoin (FIL) $ 3.55
crypto-com-chain
Cronos (CRO) $ 0.075736
render-token
Render (RENDER) $ 5.11
optimism
Optimism (OP) $ 1.58
mantle
Mantle (MNT) $ 0.595461
arbitrum
Arbitrum (ARB) $ 0.530790