Ethereum price moved lower and tested the $2,440 support. ETH is currently trading range-bound and faces hurdles near the $2,550 and $2,585 levels.
- Ethereum is attempting a new rise from the $2,450 level.
- The price is trading just above $2,500 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a bearish trend line connecting with resistance near $2,510.
- A break above the $2,550 and $2,585 resistance levels could provide bullish momentum.
Ethereum price holds key support
Ethereum price began a downward correction below the $2,620 support zone. ETH fell below the $2,550 support level, but bulls remained active near $2,440. Lows were made near $2,469 and the price is currently trading in the same range as Bitcoin.
It increased slightly above the $2,500 level. The price recently broke above the 50% Fib retracement level of the decline from the $2,588 swing high to the $2,469 low.
Additionally, a breakout occurred above the bearish trend line connecting with resistance near $2,510 on the ETH/USD hourly chart. Ethereum is currently trading just above $2,500 and the 100-hour simple moving average. On the positive side, the price is facing resistance near the $2,540 level, or the 61.8% Fib retracement level of the recent decline from the $2,588 swing high to the $2,469 low.
Source: ETHUSD on TradingView.com
The next major resistance is currently near $2,585. A clear break above the $2,585 level could initiate a significant rally. If specified, the price could rise to the $2,650 level. Major resistance is currently forming near $2,720. A break above the $2,720 resistance could initiate another major rally. The next major resistance is near $2,780. More gains could lead the price towards the $2,880 area.
Another decline in ETH?
If Ethereum fails to clear the $2,585 resistance, it could begin another downtrend. Initial support for the downside is near the $2,495 level.
The next major support could be in the $2,445 area. A break below the $2,445 support could push the price lower. If indicated, Ether could test the $2,380 support. Any more losses could push the price down to the $2,320 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 just above the 50 level.
Key Support Level – $2,445
Key Resistance Level – $2,585
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