Ethereum price started a fresh decline and traded below $2,300. ETH is now consolidating above $2,250 and might struggle to recover. Ethereum started a downside correction below the $2,280 zone. The price is trading below $2,300 and the 100-hourly Simple Moving Average. There is a bearish trend line forming with resistance at $2,300 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it stays above the $2,320 zone. Ethereum Price Faces Resistance Ethereum price failed to remain stable above $2,320 and started a downside correction, like Bitcoin . ETH price dipped below the $2,300 and $2,280 levels. The price even traded below $2,265. A low was formed at $2,256, 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 $2,382 swing high to the $2,256 low. Ethereum price is now trading below $2,300 and the 100-hourly Simple Moving Average . Besides, there is a bearish trend line forming with resistance at $2,300 on the hourly chart of ETH/USD. If the bulls remain in action above $2,250, the price could attempt another increase. Immediate resistance is seen near the $2,300 level and the trend line. The first key resistance is near the $2,320 level or the 50% Fib retracement level of the downward move from the $2,382 swing high to the $2,256 low. The next major resistance is near the $2,335 level. A clear move above the $2,335resistance might send the price toward the $2,375 resistance. An upside break above the $2,375 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,420 resistance zone or even $2,440 in the near term. Another Decline In ETH? If Ethereum fails to clear the $2,320 resistance, it could start a fresh decline. Initial support on the downside is near the $2,265 level. The first major support sits near the $2,250 zone. A clear move below the $2,250 support might push the price toward the $2,200 support. Any more losses might send the price toward the $2,150 region. The main support could be $2,120. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $2,250 Major Resistance Level – $2,320
