ethereum price corrected lower and tested the $2,440 support. eth is now trading in a range and facing obstacles near the $2,550 and $2,585 levels.
- ethereum is attempting a fresh rise from the $2,450 level.
- The price is trading just above $2,500 and the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance near $2,510 on the hourly chart of eth/USD (data via Kraken).
- The pair could gain bullish momentum if it breaks the $2,550 and $2,585 resistance levels.
ethereum Price Has Key Support
ethereum price started a downward correction below the $2,620 support zone. eth even fell below the $2,550 support, but the bulls were active near $2,440. A low was formed near $2,469 and the price is now trading in a range, like bitcoin.
There was a minor increase above the $2,500 level. The price rose above the 50% Fibonacci retracement level of the recent decline from the high of $2,588 to the low of $2,469.
Additionally, there was a break above a connecting bearish trend line with resistance near $2,510 on the hourly chart of eth/USD. ethereum is now trading just above $2,500 and the 100 hourly simple moving average. On the upside, the price faces resistance near the $2,540 level or the 61.8% Fibonacci retracement level of the recent decline from the high of $2,588 to the low of $2,469.
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Fountain: ETHUSD on TradingView.com
The next major resistance is now near $2,585. A clear move above the $2,585 level could start a decent rise. In the indicated case, the price could rise towards the $2,650 level. The main resistance is now forming near the $2,720 level. A close above the $2,720 resistance could start another major rise. The next key resistance is near $2,780. Any further gains could send the price towards the $2,880 zone.
Another drop in eth?
If ethereum fails to overcome the $2,585 resistance, it could start another decline. Initial support on the downside is near the $2,495 level.
The next key support could be the $2,445 area. A downside break below the $2,445 support could push the price down further. In the given case, Ether could test the support at $2,380. Any further losses could send the price towards the $2,320 level.
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 just above the 50 level.
Main Support Level: $2,445
Main Resistance Level: $2,585
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