Ethereum price struggled to break above the $2,750 resistance level. ETH is currently consolidating near $2,635 and is at risk of further downside.
- Ethereum is down again from the $2,750 resistance level.
- The price is trading below $2,700 and the 100 hourly simple moving average.
- A major contracting triangle has broken with support at $2,695 on the ETH/USD hourly chart, according to data provided by Kraken.
- Losses could be magnified if the pair falls below the $2,635 support zone.
Ethereum price falls again
Ethereum price started a decent uptrend from the $2,650 support zone. ETH outperformed Bitcoin and broke above the $2,720 resistance zone. However, there was a lot of bearish activity around the $2,750 zone.
The recent swing high was formed at $2,763 before the price corrected its gains. It moved below the $2,720 and $2,700 levels. In addition, it broke below the major contracting triangle with support at $2,695 on the hourly chart of ETH/USD.
Ethereum price is currently trading below $2,700 and the 100 hourly simple moving average. A low was formed near $2,635 and the price is currently consolidating. If there is another upside, the price could face a hurdle near the $2,700 level. It is close to the 50% Fibonacci retracement level of the recent decline from the $2,763 swing high to the $2,635 low.
The first major resistance is near the $2,735 level or the 76.4% Fibonacci correction level of the recent decline from the $2,763 swing high to the $2,635 low. A close above the $2,735 level could see Ether move towards the $2,765 resistance level.
The next major resistance is near $2,800. A break above the $2,800 resistance level could push the price higher towards the $2,880 resistance level in the short term.
Is it possible to incur additional losses on ETH?
If Ethereum fails to break the $2,700 resistance, it could continue to decline. The initial support level for the downtrend is near $2,635. The first major support level is near the $2,600 area.
A clear move below the $2,600 support could push the price up to $2,550. Further losses could push the price up to the $2,520 support in the short term. The next major support is $2,440.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Key Support Level – $2,635
Key Resistance Level – $2,700