ethereum price extended losses and tested the $2,380 support zone. eth is recovering losses and struggling to gain pace to surpass the $2.5250 level.
- ethereum started a recovery wave from the $2,380 zone.
- The price is trading below $2,500 and the 100 hourly simple moving average.
- A short-term ascending channel is forming with support at $2,480 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a new rise if it breaks the resistance levels of $2,520 and $2,550.
ethereum price points higher
ethereum price extended its decline below the $2,250 level, unlike bitcoin. eth traded as low as $2,379 and recently began an upward correction.
There was a minor increase above the $2,420 level. The price traded above the 50% Fibonacci retracement level of the descending wave from the high of $2,562 to the low of $2,379. The bulls even pushed the price above the $2,500 resistance but struggled near $2,520.
ethereum price is now trading below $2,500 and the 100 hourly simple moving average. There is also a short-term ascending channel forming with support at $2,480 on the hourly chart of eth/USD.
On the upside, the price seems to face obstacles near the $2,520 level and the 100 hourly simple moving average. It is near the 76.4% Fib retracement level of the descending wave from the high of $2,562 to the low of $2,379.
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The first major resistance is near the $2,550 level. The main resistance is now forming near $2,600. A clear move above the $2,600 resistance could send the price towards the $2,650 resistance. A bullish break above the $2,650 resistance could require more gains in the coming sessions. In the given case, Ether could rise towards the $2,750 resistance zone.
Another drop in eth?
If ethereum fails to overcome the $2,520 resistance, it could start another decline. Initial support on the downside is near the $2,480 level. The first major support lies near the $2,420 area.
A clear move below the $2,420 support could push the price towards $2,380. Any further losses could send the price towards the $2,320 support level in the near term. The next key support lies at $2,250.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now near the 50 zone.
Main Support Level: $2,450
Main Resistance Level: $2,520
