Ethereum Turns Red, Why Recovery Could Be Attractive To Sellers

Ethereum

Ethereum extended its decline below the $2,200 support zone against the US Dollar. ETH price is showing bearish signs and it might dive further towards $2,000.

Ethereum is down over 10% and it even spiked below the $2,100 support zone.
The price is now trading below the $2,200 support and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $2,200 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct higher, but sellers are likely to remain active near the $2,200 zone.

Ethereum Price Extends Losses
There was no major recovery in ethereum above the $2,300 level. ETH remained in a bearish zone and it broke the main $2,200 support zone to move further into a bearish zone, similar to bitcoin.
The price even declined below the $2,150 support and it settled below the 100 hourly simple moving average. There was a spike below $2,100 and the price tested $2,050. A low is formed near $2,049 and the price is now correcting losses.
It climbed above the $2,100 resistance. There was a break above the 23.6% Fib retracement level of the recent decline from the $2,406 swing high to $2,049 low. It is now testing a connecting bearish trend line with resistance near $2,150 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
An immediate support is near the $2,100 level. The first key support is near the $2,050 level. The main support is now near the $2,000 zone. If there is a downside break below the $2,000 support zone, there is a risk of a sharp decline. The next major support is near the $1,850 level.
Upsides Limited in ETH?
If Ethereum stays above the $2,050 support, it could correct higher in the near term. An initial resistance is near the $2,150 level.
The first key resistance could be $2,180. The next major resistance is near the $2,200 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $2,200 on the same chart. Any more gains could lead the price towards the $2,300 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 near the 50 level.
Major Support Level – $2,050
Major Resistance Level – $2,200

bitcoin
Bitcoin (BTC) $ 69,098.51
ethereum
Ethereum (ETH) $ 3,753.85
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 604.10
solana
Solana (SOL) $ 169.35
staked-ether
Lido Staked Ether (STETH) $ 3,749.42
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.535924
dogecoin
Dogecoin (DOGE) $ 0.167709
the-open-network
Toncoin (TON) $ 6.35
cardano
Cardano (ADA) $ 0.463764
avalanche-2
Avalanche (AVAX) $ 38.41
shiba-inu
Shiba Inu (SHIB) $ 0.000025
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 69,101.51
chainlink
Chainlink (LINK) $ 17.13
tron
TRON (TRX) $ 0.114057
polkadot
Polkadot (DOT) $ 7.30
bitcoin-cash
Bitcoin Cash (BCH) $ 494.30
near
NEAR Protocol (NEAR) $ 7.97
uniswap
Uniswap (UNI) $ 10.88
matic-network
Polygon (MATIC) $ 0.728492
pepe
Pepe (PEPE) $ 0.000016
litecoin
Litecoin (LTC) $ 85.44
fetch-ai
Fetch.ai (FET) $ 2.33
internet-computer
Internet Computer (ICP) $ 12.38
leo-token
LEO Token (LEO) $ 5.99
dai
Dai (DAI) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 32.03
wrapped-eeth
Wrapped eETH (WEETH) $ 3,896.71
render-token
Render (RNDR) $ 10.43
aptos
Aptos (APT) $ 9.06
hedera-hashgraph
Hedera (HBAR) $ 0.108900
immutable-x
Immutable (IMX) $ 2.54
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,679.91
mantle
Mantle (MNT) $ 1.01
cosmos
Cosmos Hub (ATOM) $ 8.47
filecoin
Filecoin (FIL) $ 5.88
crypto-com-chain
Cronos (CRO) $ 0.121559
stellar
Stellar (XLM) $ 0.111135
arbitrum
Arbitrum (ARB) $ 1.20
kaspa
Kaspa (KAS) $ 0.133338
first-digital-usd
First Digital USD (FDUSD) $ 1.00
the-graph
The Graph (GRT) $ 0.324466
dogwifcoin
dogwifhat (WIF) $ 3.07
bittensor
Bittensor (TAO) $ 438.62
okb
OKB (OKB) $ 48.80
blockstack
Stacks (STX) $ 1.98
optimism
Optimism (OP) $ 2.57
ethena-usde
Ethena USDe (USDE) $ 1.00
arweave
Arweave (AR) $ 40.60