TA: Ethereum Tumbles To $2.2K, Can The Bears Push ETH To $2K

Ethereum extended losses below the $2,500 level against the US Dollar. ETH even tested the $2,200 support and remains at a risk of more losses. Ethereum remained in a bearish zone and declined below $2,300. The price is now trading below $2,400 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $2,380 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct higher, but the bears might remain active near $2,400. Ethereum Price Dives 10% Ethereum remained in a bearish zone below the $2,500 pivot level. ETH traded below the $2,400 and $2,350 levels to move further into a bearish zone. The price declined below the $2,300 level and settled below the 100 hourly simple moving average. Finally, ether tested the $2,200 support zone. A low is formed near $2,200 and the price is correcting losses. There was a move above the 23.6% Fib retracement level of the recent drop from the $2,569 swing high to $2,200 low. On the upside, an initial resistance is seen near the $2,350 level. The first major resistance is near the $2,380 level. There is also a major bearish trend line forming with resistance near $2,380 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The main resistance is now forming near the $2,400 level. It is near the 50% Fib retracement level of the recent drop from the $2,569 swing high to $2,200 low. A close above the $2,400 level coul...