ethereum price struggled to extend gains above $2,600 and $2,620. eth trimmed gains and might struggle to stay above the $2,500 support zone.
- ethereum attempted a new rise but failed to surpass $2,620.
- The price is trading below $2,550 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance near $2,540 on the hourly chart of eth/USD (data via Kraken).
- The pair begins another rise if the bulls protect the $2,500 and $2,470 support levels.
ethereum price reviews support
ethereum price started a fresh rise above the $2,520 resistance zone. eth even rose above the $2,550 level, but the bears were active near $2,600, like bitcoin.
The price reached $2,614 and recently began a new decline. There was a move below the $2,550 support zone. The price traded below the 61.8% Fibonacci retracement level of the ascending wave from the low of $2,471 to the high of $2,614.
ethereum is now trading below $2,550 and the 100 hourly simple moving average. The bulls appear to be currently active above the 76.4% Fib retracement level of the ascending wave from the low $2,471 to the high $2,614.
On the upside, the price is facing resistance near the $2,540 level. There is also a key bearish trend line forming with resistance near $2,540 on the hourly chart of eth/USD. The next major resistance is now near $2,580. A clear move above the $2,580 level could start a decent rise. In the indicated case, the price could rise towards the $2,620 level.
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Fountain: ETHUSD on TradingView.com
The next key hurdle lies near the $2,650 area. A close above the $2,650 resistance could start another steady rise. The next key resistance is near $2,720. Any further gains could send the price towards the $2,800 zone.
Downside breakout in eth?
If ethereum fails to overcome the $2,540 resistance, it could start another decline. Initial support on the downside is near the $2,500 level.
The next key support could be the $2,470 area. A downside break below the $2,470 support could push the price down further. In the given case, Ether could test the $2,400 support. Any further losses could send the price towards the $2,350 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $2,500
Main Resistance Level: $2,540
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