Ethereum Price Key Indicators Suggest Strong Case For Correction Below $2K

Ethereum price is again moving lower below the $2,200 support. ETH is showing a few bearish signs and might decline further below $2,000. Ethereum started a fresh decline from the $2,330 resistance zone. The price is trading below $2,220 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance near $2,210 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate lower if there is a break below the $2,135 support. Ethereum Price Dips Again Ethereum price failed to gain strength for more gains above the $2,300 resistance. ETH peaked near the $2,330 zone and started a fresh decline, like Bitcoin. There was a move below the $2,250 and $2,220 levels. The price even dropped below the 50% Fib retracement level of the key increase from the $1,980 swing low to the $2,330 high. The bears are now in control below the $2,180 support zone. Ethereum is trading below $2,220 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance near $2,210 on the hourly chart of ETH/USD. If there is a fresh increase, the price could face resistance near the $2,200 zone. The next key resistance is near the $2,210 level and the trend line. The main resistance is now at $2,250. A clear move above the $2,250 zone could send the price toward the $2,330 level. Source: ETHUSD on TradingView.com The next resistance sits at $2,400. Any more gains could start a wave toward the $2,550 level, above which Ethereum might rally and test the $2,750 zone. More Losses in ETH? If Ethereum fails to clear the $2,210 resistance, it could continue to move down. Initial support on the downside is near the $2,135 level or the last swing low. The first key support could be the $2,080 zone. It is close to the 1.236 Fib extension level of the key increase from the $1,980 swing low to the $2,330 high. A downside break below $2,080 might start another major decline. In the stated case, Ether could even decline below the $2,000 support. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $2,135 Major Resistance Level – $2,210