TA: How Ethereum Close Below $2.3K Could Spark Larger Degree Decline

[Fawpac2]

Ethereum remains in a bearish zone and it traded below $2,350 against the US Dollar. ETH price could accelerate lower if there is a close below $2,300.Ethereum extended its decline below the $2,400 and $2,350 levels.The price is now trading well below $2,400 and the 100 hourly simple moving average.There is a crucial bearish trend line forming with resistance near $2,380 on the hourly chart of ETH/USD (data feed via Kraken).The pair could extend its decline if the bulls fail to protect the key $2,300 support zone.
Ethereum Price Remains At Risk
Ethereum started a steady decline from well above $2,500, similar to bitcoin. ETH traded below the $2,450 and $2,400 support levels to move into a bearish zone.There was also a break below the $2,350 support zone and yesterday’s low. The price is now trading well below $2,400 and the 100 hourly simple moving average. Ether is managing to stay above the key $2,300 support zone. A low is formed near $2,304 and the price is consolidating losses.
An initial resistance is near the $2,350 level. The first key resistance is near the $2,380 level. There is also a crucial bearish trend line forming with resistance near $2,380 on the hourly chart of ETH/USD.Source