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Ethereum price extended losses and tested the $2,450 support area. ETH is struggling to recover its losses and rise above the $2,550 level.
- Ethereum began its recovery in the $2,450 region.
- The price is trading below $2,560 and the 100-hour simple moving average.
- On the ETH/USD hourly chart (data feed via Kraken), a breakout occurred above the main bearish trendline with resistance at $2,540.
- A break above the $2,580 and $2,600 resistance levels could start a new rally.
Ethereum price begins to recover
Ethereum price, like Bitcoin, continued its downward trend below the $2,550 level. ETH traded as low as $2,445 and recently began an upward correction.
It increased slightly above the $2,500 level. The price traded above the 23.6% Fib retracement level of the downward wave from the $2,760 swing high to the $2,445 low. Additionally, on the hourly chart of ETH/USD, a breakout occurred above the main bearish trend line with resistance at $2,540.
Ethereum price is currently trading below $2,560 and the 100-hour simple moving average. On the other hand, the price appears to be facing a hurdle near the $2,560 level.
The first major resistance is near the $2,580 level and the 100-hourly simple moving average. Major resistance is currently forming near $2,600. The $2,760 swing high to $2,445 low is close to the 50% Fib retracement level of the bearish wave.
A clear break above the $2,600 resistance level could push the price towards the $2,650 resistance level. An upside break above the $2,650 resistance could lead to further gains in the coming sessions. If indicated, Ethereum could rise towards the $2,750 resistance zone.
Another decline in ETH?
If Ethereum fails to clear the $2,560 resistance, it could begin another downtrend. Initial support for the downside is near the $2,505 level. The first major support is near the $2,485 area.
A clear decline below the $2,485 support could push the price towards $2,450. More losses could push the price towards the $2,420 support level in the near term. The next major support level is $2,340.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 area.
Key Support Level – $2,500
Key Resistance Level – $2,580