ethereum price is correcting gains from the $2,720 resistance. eth is now trading below $2,650 and could find bids near the $2,600 level.
- ethereum started a downward correction from the $2,720 zone.
- The price is trading below $2,650 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance at $2,650 on the hourly chart of eth/USD (data via Kraken).
- The pair must hold above the $2,600 support to start a fresh rise in the near term.
ethereum price falls again
ethereum price extended its gains and traded above the $2,650 level. eth even surpassed the $2,700 level before the bears appeared. A high was formed at $2,728 and the price started a downward correction like bitcoin.
There was a move below the $2,700 and $2,650 levels. The price traded below the 50% Fibonacci retracement level of the upward move from the low of $2,554 to the high of $2,728. ethereum price is now trading below $2,650 and the 100 hourly simple moving average.
However, the price could find bids near the $2,600 level or the 76.4% Fibonacci retracement level of the upward move from the low of $2,554 to the high of $2,728.
On the upside, the price seems to face obstacles near the $2,650 level. There is also a key bearish trend line forming with resistance at $2,650 on the hourly chart of eth/USD. The first major resistance is near the $2,685 level. The next key resistance is near $2,720.
<img class="wp-image-645394 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/09/Ethereum-Price-Trims-Gains-Is-the-Rally-Losing-Strength.png" alt="ethereum Price” srcset=”https://www.newsbtc.com/wp-content/uploads/2024/09/Ethereum_e9ffa2.png?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/09/Ethereum_e9ffa2.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/09/Ethereum_e9ffa2.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/09/Ethereum_e9ffa2.png?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/09/Ethereum_e9ffa2.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/09/Ethereum_e9ffa2.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/09/Ethereum_e9ffa2.png?w=1140 1140w” />
A bullish break above the $2,720 resistance could require more gains in the coming sessions. In the indicated case, Ether could rally towards the $2,840 resistance zone in the near term. The next hurdle is near the $2,880 or $2,920 level.
More losses on eth?
If ethereum fails to clear the $2,650 resistance, it could continue down. Initial support on the downside is near the $2,600 level. The first major support lies near the $2,550 area.
A clear move below the $2,550 support could push the price towards $2,520. Any further losses could send the price towards the $2,450 support level in the near term. The next key support lies at $2,365.
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 zone.
Main Support Level: $2,600
Main Resistance Level: $2,650