Ethereum price struggled to rise above $2,600 and $2,620. ETH has pared its gains and may struggle to stay above the $2,500 support area.
- Ethereum attempted a fresh hike, but failed to break above $2,620.
- 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 major bearish trendline forming with resistance near $2,540.
- If the bulls protect the support levels of $2,500 and $2,470, the pair will start another increase.
Ethereum price revisit support
Ethereum price started a new rise above the $2,520 resistance zone. ETH rose to the $2,550 level, but the downtrend was active near $2,600 like Bitcoin.
The price traded as high as $2,614 and recently began a new downward trend. There was a move below the $2,550 support zone. Prices traded below the 61.8% Fib retracement level of the bullish wave from the $2,471 swing low to the $2,614 high.
Ethereum is currently trading below $2,550 and the 100-hour simple moving average. The bulls currently appear to be active above the 76.4% Fib retracement level of the bullish wave from the $2,471 swing low to the $2,614 high.
Meanwhile, the price is finding resistance near $2,540. Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $2,540. The next major resistance is currently near $2,580. A clear break above the $2,580 level could initiate a significant rally. If specified, the price could rise to the $2,620 level.
Source: ETHUSD on TradingView.com
The next major hurdle is near the $2,650 area. A break above the $2,650 resistance could begin another steady rise. The next major resistance is near $2,720. If more gains occur, the price may head towards the $2,800 area.
Breakthrough of ETH’s shortcomings?
If Ethereum fails to clear the $2,540 resistance, it could begin another downtrend. Initial support for the downside is near the $2,500 level.
The next major support could be the $2,470 zone. A break below the $2,470 support could push the price lower. If indicated, Ether could test the $2,400 support. Any more losses could push the price down to the $2,350 level.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $2,500
Key Resistance Level – $2,540
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