Ethereum failed to surpass $2,600 and started a fresh decline against the US Dollar. ETH price is trading with support near the $2,400 level, but it is likely to face sellers near the $2,550 level.
- Ethereum made two attempts to gain strength above $2,625 but failed.
- The price is now trading well below $2,550 and the 100 hourly simple moving average.
- There was a break below a major ascending channel with support near $2,520 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above $2,400 to avoid further downside in the short term.
Ethereum Price Trims Profit
Ethereum climbed above the $2,550 and $2,580 resistance levels. However, ETH failed to gain strength above $2,620 resulting in a bearish reaction.
There was a break below the $2,580 and $2,550 support levels. Besides, there was a break below a major ascending channel with support near $2,520 on the hourly chart of ETH/USD. The pair broke below the support level of $2,550 and 100 hourly simple moving average.
Ether also declined below the 50% Fib retracement level of the upward move from $2,313 low to $2,626 high. It tested the $2,420 support area.
It looks like the 61.8% Fib retracement level of the upward move from $2,313 low to $2,626 high is acting as support. Ether is now recovering but it may face resistance near $2,520. first major resistance It is near the $2,550 level and the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
The next major resistance is near the $2,620 level, above which the price is likely to move higher towards the $2,720 level in the near term. The main hurdle for further growth is now at $2,800.
Downsides Break in ETH?
If Ethereum fails to clear the $2,520 and $2,550 resistance levels, it could continue to move lower. An initial support on the downside is near the $2,420 level.
The first major support is near the $2,400 level and the recent lows. A downside break below the $2,400 support area could take the price towards the $2,350 support level. Any further losses may take a test of the $2,310 support in the coming sessions.
hourly macd – The MACD for ETH/USD is slowly losing momentum in the bearish zone.
hourly rsi – The RSI for ETH/USD is currently moving towards the 50 level.
Key Support Level – $2,400
Key Resistance Level – $2,550