Ethereum price is struggling to clear resistance at $2,550. ETH could begin a downward correction if it falls below the $2,475 support.
- Ethereum is consolidating gains below the $2,550 resistance zone.
- The price is trading above $2,480 and the 100-hour simple moving average.
- On the ETH/USD hourly chart (data feed via Kraken), a break occurred below the connecting bullish trendline with support at $2,515.
- If it stays above the $2,475 support, it could start a new rally.
Ethereum price remains supported
Ethereum price continued to rise after breaking the resistance level of $2,420. ETH has surpassed $2,450 and $2,500 but has underperformed Bitcoin. Finally, weakness emerged near the $2,550 area.
The highest price was reached around $2,536 and the price continues to rise. It fell slightly below the $2,500 level. Additionally, a break occurred below the bullish trendline supporting $2,515 on the hourly chart of ETH/USD.
Ethereum is still trading above the 23.6% Fib retracement level, having recently increased from the $2,282 swing low to the $2,536 high. It is also trading above $2,480 and the 100-hour simple moving average.
If there is a new price increase, the price could surge above the $2,520 level. On the positive side, the first major resistance is near the $2,550 level. The next major resistance is near $2,620, above which the price could rise to test the $2,680 resistance.
Source: ETHUSD on TradingView.com
If the uptrend continues, the price may rise above the $2,750 resistance. If specified, the price could rise to the $2,800 level.
Are dips supported on ETH?
If Ethereum fails to clear resistance at $2,550, a downward correction could begin. Initial support on the downside is near the $2,475 level and the 100-hourly SMA.
The next major support could be the $2,460 zone. A clear break below the $2,460 support could lead the price towards $2,400 or the 50% Fib retracement level of the recent increase from the $2,282 swing low to the $2,536 high. The main assistance amount could be $2,380. Any more losses could push the price down to the $2,280 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 above the 50 level.
Key Support Level – $2,475
Key Resistance Level – $2,550
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