Ethereum price extended its losses and tested the $2,380 support area. ETH is recovering from its losses and struggling to pick up speed to move above the $25,250 level.
- Ethereum started a recovery wave from the $2,380 area.
- The price is trading below the $2,500 level and the 100 hourly simple moving average.
- There is a short-term bullish channel forming with support at $2,480 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new increase if it crosses the $2,520 and $2,550 resistance levels.
Ethereum price aims to rise
Ethereum price continued to fall below the $2,250 level in contrast to Bitcoin. ETH traded as low as $2,379 and recently began an upward correction.
There was a slight increase above the $2,420 level. The price traded above the 50% Fib retracement level of the downward wave from the high of $2,562 to the low of $2,379. The bulls even pushed the price above the $2,500 resistance but faced difficulties near $2,520.
Ethereum price is now trading below the $2,500 level and the 100 hourly simple moving average. There is also a short-term bullish channel forming with support at $2,480 on the hourly chart of the ETH/USD pair.
On the upside, the price appears to be facing hurdles near the $2,520 level and the 100 hourly simple moving average. It is close to the 76.4% Fib retracement level of the downward wave from the high of $2,562 to the low of $2,379.
The first major resistance is near the $2,550 level. The main resistance is now forming near $2,600. A clear move above the $2,600 resistance level could send the price towards the $2,650 resistance level. A bullish break above the $2,650 resistance may require further gains in the coming sessions. In the mentioned case, the Ether price may rise towards the $2,750 resistance area.
Another drop in ETH?
If Ethereum fails to break above the $2,520 resistance level, it could start another decline. Initial support on the downside is near the $2,480 level. The first major support is near the $2,420 area.
A clear move below the $2,420 support could push the price towards $2,380. Any further losses could send the price towards the $2,320 support level in the near term. The next major support is at $2,250.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 area.
Major Support Level – $2,450
Major resistance level – $2,520
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