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ethereum price extended losses and tested the $2,320 support. eth is now correcting losses and could aim for a fresh rise above the $2,420 resistance.
- ethereum remained in a bearish zone and traded below the $2,360 area.
- The price is trading below $2,420 and the 100 hourly simple moving average.
- A connecting bearish trend line is forming with resistance at $2,420 on the hourly chart of eth/USD (data feed via Kraken).
- The pair must hold above the $2,350 support level to start a decent rise in the near term.
ethereum price eyes a breakout to the upside
ethereum price failed to start a fresh rise above the $2,450 resistance zone. eth remained in a bearish zone like bitcoin and traded below the $2,365 support zone.
There was also a move below the $2,350 level. The price tested the $2,320 support zone. A low was formed at $2,329 and the price is now rising. There was a move above the $2,350 and $2,365 levels. The price rose above the 23.6% Fibonacci retracement level of the descending wave from the high of $2.468 to the low of $2.329.
ethereum price is now trading below $2,420 and the 100 hourly simple moving average. On the upside, the price seems to face obstacles near the $2,420 level. There is also a connecting bearish trend line forming with resistance at $2,420 on the hourly chart of eth/USD.
The trend line is near the 61.8% Fib retracement level of the descending wave from the high $2,468 to the low $2,329. A clear move above the resistance at $2,420 could send the price towards the resistance of $2,450.
A bullish break above the $2,420 resistance could require further gains in the coming sessions. In the indicated case, Ether could rally towards the $2,500 resistance zone in the near term. The next hurdle is near the $2,550 or $2,560 level.
More losses on eth?
If ethereum fails to overcome the $2,420 resistance, it could start another decline. Initial support on the downside is near the $2,380 level. The first major support lies near the $2,350 area.
A clear move below the $2,350 support could push the price towards $2,320. Any further losses could send the price towards the $2,265 support level in the near term. The next key support lies at $2,220.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 zone.
Main Support Level: $2,320
Main Resistance Level: $2,420
