Ethereum price has started a pullback from the $2,680 resistance level. ETH is currently in a downtrend and is at risk of a bigger downside if it fails to stay above $2,550.
- Ethereum is down again below the $2,650 level.
- The price is trading below $2,680 and the 100 hourly simple moving average.
- On the ETH/USD hourly chart based on data provided by Kraken, there is a support line forming at $2,610, with a major bullish trend line forming.
- Losses could be magnified if this pair falls below the $2,550 support zone.
Ethereum price shows signs of weakness
Ethereum price tried to gain speed to move above the $2,680 level. However, ETH failed to continue its upward movement and started a new downtrend below $2,650, just like Bitcoin.
There was a break below the 23.6% Fibonacci correction level of the uptrend from the $2,514 swing low to the $2,682 high. Price broke below the 100-hour SMA. However, the bulls are now active near the $2,620 level.
The Ethereum price is currently trading below $2,650 and the 100-hourly simple moving average. There is also a major bullish trend line forming with support at $2,610 on the hourly chart of ETH/USD.
If there is another uptrend, the price may hit a hurdle near the $2,650 level. The first major resistance is near the $2,680 level. If it closes above the $2,680 level, Ether may move to the $2,720 resistance. The next major resistance is near $2,720. If it breaks above the $2,720 resistance, the price may move to the $2,880 resistance area in the short term.
Is it possible to incur additional losses on ETH?
If Ethereum fails to break the $2,680 resistance, it could continue to decline. The initial support for the downtrend is near $2,620. The first major support is near the $2,600 zone or the 50% Fibonacci correction level of the upward move from the $2,514 swing low to the $2,682 high.
A clear move below the $2,600 support level could see the price rise to $2,550, where a bullish move could emerge. If further losses occur, the price could move to the $2,500 support level in the short term. The next major support level is $2,440.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Key Support Level – $2,600
Key Resistance Level – $2,680