ETH slips below $2400 support, and here’s why it’s not good news for Ethereum

ETH/USD analysis

Resistance levels: $3100, $3300, $3500.

Support levels: $2100, $1900, $1700.

ETHUSD – Daily Chart

Market opens today, after touching the resistance level of $2641, ETH/USD is falling with a bearish bias. The coin opens at $2634, and it is currently falling towards the $2500 support level. In recent days, the price of Ethereum has started a nasty decline and has broken many supports. The market price could correct higher, but it is likely to face more sellers below the lower boundary of the channel.

Ethereum Price Prediction: What to Expect From Ethereum

At the time of writing, Ethereum price is breaking lower and the coin is likely to break heavily to gain further downtrends. However, ETH/USD is currently hovering at $3026 as it prepares to breach the lower boundary of the channel. If it breaks below the channel, the critical support levels of $2100, $1900 and $1700 could be tested as the Relative Strength Index (14) technical indicator moves to cross the oversold region.

Meanwhile, ETH/USD could either rally above $2600 or extend its decline towards the $2500 support level. On the upside, the next major resistance is near the $2800 level. In the meantime, the price needs to climb above the resistance levels of $3100, $3300 and $3500 to get back into a positive zone. Otherwise, there is a risk of further declines below the channel.

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Compared to Bitcoin, the daily chart reveals that Ethereum price is hovering around the 9-day and 21-day moving averages. If the price crosses the moving averages, it is possible that the coin will start its upward trend. The next key resistance above this level is near the 8000 SAT level. If the price rises, it might even break the 8200 SAT and above in future sessions.

ETHBTC – Daily Chart

However, if the bears push the price towards the lower boundary of the channel, the 7000 SAT support could play. Any further bearish moves could cause the coin to roll towards the critical support at 6600 SAT and below. The relative strength index (14) is likely to break below the 40 level, suggesting bearish signals.

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