Ethereum price corrected gains and tested $2,400 support. ETH is currently consolidating and could target a fresh increase above the $2,465 resistance.
- Ethereum began a downward correction below the $2,500 area.
- The price is trading just above $2,430 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a short-term ascending channel with support at $2,420.
- The pair would need to remain above the $2,400 support level to trigger another hike in the near future.
Ethereum price maintains support
Ethereum price failed to rise above the $2,500 resistance zone. ETH began a Bitcoin-like downward correction and was trading below the $2,465 support zone.
There was also movement below the $2,420 level. Price tested the 50% Fib retracement level of the bullish wave from the $2,310 swing low to the $2,519 high. Now the bulls seem to be protecting more downside below the $2,400 support level.
Ethereum price is currently trading just above $2,430 and the 100-hour simple moving average. On the other hand, the price appears to be facing a hurdle near the $2,465 level. Additionally, a short-term upward channel has formed with support at $2,420 on the hourly chart of ETH/USD.
A clear break above the $2,465 resistance level could push the price towards the $2,500 resistance level. An upside break above the $2,500 resistance could lead to further gains in the coming sessions. If indicated, Ethereum may rise towards the $2,600 resistance area in the near term. The next hurdle is near $2,650 or $2,665.
Will there be more losses in ETH?
If Ethereum fails to clear the $2,465 resistance, it could begin another downtrend. Initial support for the downside is near the $2,420 level. The first major support lies near the $2,390 zone, or the 61.8% Fib retracement level of the upward wave from the $2,310 swing low to the $2,519 high.
A clear decline below the $2,390 support could push the price towards $2,325. More losses could push the price towards the $2,240 support level in the near term. The next major support level is $2,120.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Key Support Level – $2,390
Key Resistance Level – $2,465