Ethereum price failed to continue rising above the resistance area at $2,550. Ethereum is now consolidating near $2,450 and showing some bearish signs.
- Ethereum started a recovery wave above $2,400 and $2,420 levels.
- The price is trading below the $2,550 level and the 100-hour simple moving average.
- There was a break below the bullish trend line connected with support at $2,500 on the hourly chart of the ETH/USD pair (data feed via Kraken).
- The pair may rise steadily if it surpasses the $2,550 resistance zone.
Ethereum Price Struggles Below $2550
Ethereum price started a recovery wave above the $2,250 resistance level. Ethereum rose above the $2,320 and $2,450 resistance levels like Bitcoin above $65,000.
However, bears were active near the resistance area at $2,550. A high was formed at $2,555 before a downside correction occurred. The price declined below the $2,450 level. It fell below the 23.6% Fib retracement level of the upward move from the $1,911 swing low to $2,555 high.
Moreover, there was a break below the bullish trend line connected with the support at $2,500 on the hourly chart of the ETH/USD pair. The pair tested the support level of $2,320 and is currently rising.
Ethereum price is still trading below $2,550 and the 100-hour simple moving average. On the upside, the price is facing hurdles near the $2,500 level. The first major resistance is near the $2,550 level and the 100-hour simple moving average.
A close above $2,550 could push the price of Ether towards the $2,685 resistance level. The next major resistance is near the $2,865 level. A rise above the $2,865 resistance could push the price towards the $3,000 resistance zone in the near term.
Another drop in ETH?
If Ethereum fails to break above the $2,550 resistance level, it could start a downward trend again. Initial support on the downside is near $2,350. The first major support is near the $2,300 area.
A clear move below the $2,300 support could push the price towards $2,150 and the 61.8% Fib retracement level of the upside move from the $1,911 swing low to $2,555 high. Any further losses could push the price towards the $2,120 support in the near term. The next major support level is at $2,050.
Technical indicators
MACD hourly – The MACD indicator for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Key Support Level – $2300
Key Resistance Level – $2550