ethereum price extended its rise above the $2,500 zone. eth is now correcting gains and could find support near the $2,400 zone.
- ethereum started a downward correction from the $2,520 zone.
- The price is trading below $2,450 and the 100 hourly simple moving average.
- There was a break below a key uptrend line with support at $2,450 on the hourly chart of eth/USD (data via Kraken).
- The pair must hold above the $2,400 support level to start another rise in the near term.
ethereum price corrects gains
ethereum price extended its upward movement above the $2,400 level. eth was able to overcome the $2,450 resistance to move into a positive zone like bitcoin. The price was able to rise above the $2,500 resistance zone.
However, the bears were active above $2,500. A high was formed at $2,519 and the price started a downward correction. There was a move below the $2,450 support level. The price fell below the 23.6% Fibonacci retracement level of the upward move from the low of $2,311 to the high of $2,519.
Additionally, there was a break below a key uptrend line with support at $2,450 on the hourly chart of eth/USD. ethereum price is now trading below $2,450 and the 100 hourly simple moving average.
However, the bulls are protecting the 50% Fibonacci retracement level of the upward move from the low of $2,311 to the high of $2,519. On the upside, the price seems to face obstacles near the $2,450 level. A clear move above the $2,450 resistance could send the price towards the $2,500 resistance.
<img class="wp-image-646843 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/10/Ethereum-Price-Falls-Again-Is-This-a-Buying-Opportunity.png" alt="ethereum Price” srcset=”https://www.newsbtc.com/wp-content/uploads/2024/10/Ethereum_c04d79.png?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/10/Ethereum_c04d79.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/10/Ethereum_c04d79.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/10/Ethereum_c04d79.png?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/10/Ethereum_c04d79.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/10/Ethereum_c04d79.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/10/Ethereum_c04d79.png?w=1140 1140w” />
A bullish break above the $2,500 resistance could require more gains in the coming sessions. In the indicated case, Ether could rise towards the $2,580 resistance zone in the short term. The next hurdle is near the $2,650 or $2,665 level.
More losses on eth?
If ethereum fails to overcome the $2,450 resistance, it could start another decline. Initial support on the downside is near the $2,420 level. The first major support lies near the $2,400 area.
A clear move below the $2,400 support could push the price towards $2,320. Any further losses could send the price towards the $2,250 support level in the near term. The next key support lies at $2,120.
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 below the 50 zone.
Main Support Level: $2,400
Main Resistance Level: $2,450
