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Ethereum price extended its losses and tested the $2,450 support area. ETH is recovering from its losses and faces several hurdles near the $2,550 level.
- Ethereum has started a bearish correction below the $2,550 support level.
- The price is trading below the $2,550 level and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance at $2,560 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new increase if it crosses the $2,550 and $2,600 resistance levels.
Ethereum price starts to recover
Ethereum price continued to fall below the $2,600 level like Bitcoin. ETH traded below the $2,550 and $2,500 support levels to enter a short-term bearish zone.
The price traded as low as $2,445 and is currently correcting losses. There was a slight increase above the $2,500 level. The price traded above the 23.6% Fib retracement level of the downward move from the high of $2,758 to the low of $2,445.
Ethereum price is now trading below the $2,550 level and the 100 hourly simple moving average. On the upside, the price appears to be facing hurdles near the $2,550 level. There is also a major bearish trend line forming with resistance at $2,560 on the hourly chart of the ETH/USD pair.
The first major resistance is near the $2,600 level. It is close to the 50% Fib retracement level of the downward move from the high of $2,758 to the low of $2,445.
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 $2,700 resistance area in the near term. The next hurdle is near the $2,720 or $2,750 level.
Another drop in ETH?
If Ethereum fails to break above the $2,550 resistance level, it could start another decline. Initial support on the downside is near the $2,520 level. The first major support is near the $2,500 area.
A clear move below the $2,500 support could push the price towards $2,450. Any further losses could send the price towards the $2,450 support level in the near term. The next major support is at $2,420.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is gaining 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 – $2,550
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