This article is also available in Spanish.
Ethereum price extended its losses and was trading below the $2,500 support level. ETH is consolidating and may have difficulty recovering above the $2,500 resistance level.
- Ethereum started a new decline from the $2,550 resistance area.
- The price is trading below the $2,480 level and the 100 hourly simple moving average.
- There is a new solid bearish trend line forming with resistance at $2,445 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a recovery wave if it crosses the $2,445 and $2,500 resistance levels.
Ethereum price extends losses
Ethereum price struggled to stay above $2,500 and started a new decline like Bitcoin. ETH fell below the $2,450 and $2,420 levels.
It tested the $2,350 support area. A bottom was formed at $2,357 and the price is now trying to recover. There was a move above the $2,385 resistance area. The price tested the 23.6% Fibonacci retracement level of the downward move from the high of $2,583 to the low of $2,357.
Ethereum price is now trading below the $2,500 level and the 100 hourly simple moving average. There is also a new solid downtrend line forming with resistance at $2,445 on the hourly chart of the ETH/USD pair.
On the upside, the price appears to be facing hurdles near the $2445 level and the trend line. The first major resistance is near the $2,470 level or the 50% Fibonacci retracement level of the downward move from the $2,583 swing high to the $2,357 low.
The main resistance is now forming near $2,500. A clear move above the $2,500 resistance level could send the price towards the $2,550 resistance level. A bullish break above the $2,550 resistance may require further gains in the coming sessions. In the mentioned case, the Ether price may rise towards the $2,620 resistance area.
Another drop in ETH?
If Ethereum fails to break above the $2,445 resistance level, it could start another decline. Initial support on the downside is near the $2,380 level. The first major support is near the $2,350 area.
A clear move below the $2,350 support could push the price towards $2,285. Any further losses could send the price towards the $2,220 support level in the near term. The next major support is at $2,150.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 area.
Key Support Level – $2,360
Major resistance level – $2,500
Comments are closed, but trackbacks and pingbacks are open.