Ethereum price struggled to clear $2,720 and revised gains. ETH is currently struggling to stay above the key $2,440 support area and losses may widen.
- Ethereum rose higher towards $2,720 before the bears emerged.
- The price is trading below $2,550 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a bearish trend line tying with resistance near $2,520.
- A break above the $2,440 support could initiate a downtrend.
Ethereum price revisit support
Ethereum price outpaced Bitcoin and expanded its rise above the $2,550 resistance line. ETH broke the $2,600 area and surged above $2,700. Finally, a whisker appeared near the $2,720 resistance.
A new multi-week high was established near $2,716 before the price corrected its upward trend. It moved below the $2,600 and $2,550 levels. Prices fell below the 23.6% Fib retracement level, rising from the $2,170 swing low to the $2,716 high.
Ethereum is currently trading below $2,550 and the 100-hour simple moving average. In case of a fresh price hike, the price may face resistance near the $2,520 level. Additionally, on the hourly chart of ETH/USD, there is a bearish trend line connecting with resistance near $2,520.
Source: ETHUSD on TradingView.com
The next major resistance is currently near $2,585. A clear break above the $2,585 level could see ETH heading towards $2,650. Major resistance is currently forming near $2,720. A break above the $2,720 resistance could push the price further into bullish territory. The next major resistance is near $2,780. More gains could lead the price towards the $2,880 area.
Will there be more losses in ETH?
If Ethereum fails to clear the $2,520 resistance, it may continue to fall. Initial support on the downside is near the $2,440 level or the 50% Fib retracement level of the rise from the $2,170 swing low to the $2,716 high.
The next major support could be the $2,350 zone. A break below the $2,350 support could push the price lower. If indicated, Ether could test the $2,300 support. Any more losses could push the price down to the $2,240 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $2,440
Key Resistance Level – $2,585