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Ethereum price started a fresh decline below the $2,550 support. ETH is struggling and might recover if it clears the $2,500 resistance zone.
Ethereum started a fresh decline from the $2,650 resistance zone.
The price is trading below $2,500 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $2,450 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a recovery wave if it surpasses the $2,500 and $2,550 resistance levels.
Ethereum Price Takes Hit
Ethereum price struggled to stay above $2,550 and started a fresh decline like Bitcoin. ETH declined below the $2,520 and $2,500 levels.
It tested the $2,420 support zone. A low was formed at $2,411 and the price is now attempting to recover. There was a move above the $2,450 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,582 swing high to the $2,411 low.
Besides, there was a break above a connecting bearish trend line with resistance at $2,450 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles near the $2,500 level and the 50% Fib retracement level of the downward move from the $2,582 swing high to the $2,411 low. The first major resistance is near the $2,520 level. The main resistance is now forming near $2,550.
A clear move above the $2,550 resistance might send the price toward the $2,600 resistance. An upside break above the $2,600 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,650 resistance zone.
Another Decline In ETH?
If Ethereum fails to clear the $2,500 resistance, it could start another decline. Initial support on the downside is near the $2,450 level. The first major support sits near the $2,400 zone.
A clear move below the $2,400 support might push the price toward $2,350. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,250.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,420
Major Resistance Level – $2,500
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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
