ethereum price is struggling to break above the $2,550 resistance. eth could start a downward correction if there is a move below the $2,475 support.
- ethereum is consolidating gains below the $2,550 resistance zone.
- The price is trading above $2,480 and the 100 hourly simple moving average.
- There was a break below a connecting uptrend line with support at $2,515 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a fresh rise if it holds above the $2,475 support zone.
ethereum price remains supported
ethereum price saw a steady rise after breaking the $2,420 resistance. eth rose above $2,450 and $2,500 but underperformed bitcoin. Finally, bears appeared near the $2,550 zone.
A high was formed near $2,536 and the price is now consolidating gains. There was a small drop below the $2,500 level. There was also a break below a connecting uptrend line with support at $2,515 on the hourly chart of eth/USD.
ethereum is still trading above the 23.6% Fibonacci retracement level of the recent rise from the low of $2,282 to the high of $2,536. It is also trading above $2,480 and the 100 hourly simple moving average.
If there is a further increase, the price could surpass the $2,520 level. On the upside, the first major resistance is near the $2,550 level. The next major resistance is near $2,620, above which the price could rise and test the resistance of $2,680.
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Fountain: ETHUSD on TradingView.com
If the bulls remain in action, they could even push the price above the $2,750 resistance. In the indicated case, the price could rise towards the $2,800 level.
Are drops in eth supported?
If ethereum fails to overcome the $2,550 resistance, it could start a downward correction. Initial support on the downside is near the $2,475 level and the 100 hourly SMA.
The next key support could be the $2,460 area. A clear move below the $2,460 support could send the price towards $2,400 or the 50% Fibonacci retracement level of the recent rise from the low $2,282 to the high $2,536. The main support could be $2,380. Any further losses could send the price towards the $2,280 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 above the 50 level.
Main Support Level: $2,475
Main Resistance Level: $2,550
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