TA: Ethereum continues to decline, here's what could cause more downside

Ethereum failed to continue above $ 2,500 and started a fresh decline against the US Dollar. ETH price is giving bearish signals and may stay below the $ 2,240 USD. Ethereum is struggling to gain bullish momentum above the $ 2,400 and $ 2,500 levels. The price is currently trading well below $ 2,450 and the 100 hourly simple moving average. A major bearish trend line forms with resistance around $ 2,410 on the hourly chart of ETH / USD (data stream via Kraken). The pair may accelerate lower if it breaks the $ 2,200 support zone in the near term. Ethereum Price Shows Down Signals Ethereum started a decent recovery from the USD 2,200 support zone. ETH climbed above the 2,300 USD and 2,350 USD resistance levels. The bulls, however, failed to gain momentum for a push above $ 2,450 and the 100 hourly simple moving average. The price started falling again and traded below the $ 2,400 level. It pushed the 50% Fib retracement level of the upward move from the low of $ 2,200 to $ 2,481. It is currently trading well below the $ 2,450 USD and the 100 hourly easy moving average. A major bearish trend line is forming with resistance near $ 2,410 on the hourly chart of ETH / USD. Ether is currently testing the 61.8% Fib retracement level of the move from the $ 2,200 low to $ 2,481. Source: ETHUSD on TradingView.com On the upside, a sudden resistance is near the 2,360 USD level. The first major resistance is near the trend line and at $ 2,440. A close above the trend line could trigger a massive rise towards the $ 2,500 level. The next major resistance is near the $ 2,550 level. More losses in ETH? If Ethereum fails to lift the $ 2,400 and $ 2,450 resistance levels, it could extend its decline. Initial support on the downside is near the USD 2,250 zone. The first major support is now near the $ 2,200 level. A downside break below the USD 2,200 support could result in a larger decline. The next key support is near the USD 2,200 level. Even more losses can raise the price

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