TA: Ethereum Crashed 5%, Can Buyers Save $2.3K Key?

Ethereum extended its downside correction below USD 2,500 against the US Dollar. ETH price is rising but it is currently trading below the 100 hourly SMA. Ethereum failed to stay above the $2,500 support zone and continued its decline. The price is currently trading well below $2,500 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near USD 2,460 on the hourly chart of ETH/USD (data feed via Kraken). The pair could face a strong selling interest near the USD 2,460 and USD 2,500 levels. Ethereum Extends Price Losses Ethereum peaked near the $2,640 level and started another similar decline to bitcoin. In fact, ETH struggled to stay above the USD 2.550 support zone and moved into the bearish zone. There was a clear break below the $2,500 support zone and the 100 hourly simple moving average. In fact, Ether settled below the $2,400 level and settled as low as $2,353. It is now correcting losses and is trading above the $2,400 level. The price recovered above the 23.6% Fib retracement level after the recent decline from the $2,638 low 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 USD 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 from the recent low of $2,638 to $2,353. Source: ETHUSD at TradingView.com A close above the USD 2,500 level and a trailing move above the USD 2,550 level are required to start a steady rise in the near term. Losing more in ETH? If Ethereum fails to clear the USD 2,450 and USD 2,500 resistance levels, it could continue to decline. An initial support on the downside is near the USD 2,400 level. The first major support is near the USD 2,350 level. A downside break below the recent low and the $2,350 support could potentially push the price towards $2.

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