ethereum price started to retreat from the $2680 resistance. eth is now falling and remains at a risk of further declines if it fails to sustain above $2550.
- ethereum started a fresh decline below the $2,650 level.
- The price is trading below $2,680 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $2,610 on the hourly chart of eth/USD (data feed from Kraken).
- The pair could extend losses if it breaks below the $2,550 support zone.
ethereum price shows signs of weakness
ethereum price attempted to gain momentum to break above the $2680 level. However, eth failed to continue rising and started a fresh decline below $2650, like bitcoin.
There was a break below the 23.6% Fibonacci retracement level of the upward move from the $2,514 low to $2,682 high. The price even dipped below the 100 hourly simple moving average. However, the bulls are now active near the $2,620 level.
ethereum price is currently trading below the $2,650 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support at $2,610 on the hourly chart of eth/USD.
If another surge occurs, the price might face hurdles near the $2,650 level. The first major resistance is near the $2,680 level. A close above the $2,680 level could send Ether towards the $2,720 resistance. The next key resistance is near $2,720. An upside break above the $2,720 resistance could send the price towards the $2,880 resistance zone in the near term.
More losses for eth?
If ethereum fails to clear the $2,680 resistance, it could continue to decline. The initial support on the downside is near $2,620. The first major support lies near the $2,600 zone or the 50% Fib retracement level of the upward move from the $2,514 low to $2,682 high.
A clear move below the $2600 support could propel the price towards $2550, where the bulls could emerge. Any further losses could send the price towards the $2500 support level in the near term. The next key support lies at $2440.
Technical indicators
Hourly MACD – The MACD for eth/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 zone.
Major Support Level: $2600
Major Resistance Level: $2680
(tags to translate)ethbtc