#etherreum is attempting to maintain its rise above the key resistance level of $2,750 but recently saw a correction of its gains. Currently, #ETH🔥🔥🔥🔥 is trying to break above the $2,650 level and start a new upward movement.

  • Ethereum recently saw a drop below the $2,650 support level.

  • The price is trading below $2,650 and the 100-hour simple moving average.

  • On the hourly chart of ETH/USD, there was a break above a bearish trend line with resistance at $2,620.

  • ETH could initiate a new rise if it clears the resistance levels of $2,650 and $2,680.

Ethereum in Consolidation

After reaching the $2,750 resistance level, similar to #bitcoin☀️ , Ethereum experienced a downward correction. The price fell below the $2,700 and $2,650 support levels, entering a short-term bearish phase.

Ethereum reached a low of $2,605 and is now consolidating its losses. There was a slight rise above the $2,620 level, with the price hovering near the 23.6% Fibonacci retracement level, which measures the decline from the $2,757 high to the $2,605 low.

Source: TradingView

Attempts at a New Rise

The ETH/USD chart also saw a break above a bearish trend line with resistance at $2,620. However, the price is struggling to gain sustained upward momentum. Ethereum is still trading below $2,650 and under the 100-hour simple moving average.

The first significant resistance level is around $2,700, near the 50% Fibonacci retracement level. A clear move above this resistance could push the price back toward $2,750 and potentially to $2,800.

Potential for Further Decline

If Ethereum fails to clear the $2,650 resistance, it may face another drop. The first support level is near $2,600, while the main support lies at $2,550. A break below this level could quickly drive the price down to $2,500 or even as low as $2,440.

Technical Indicators

  • Hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.

  • Hourly RSI – The RSI for ETH/USD is below the 50 level.

  • Key Support Level – $2,600

  • Key Resistance Level – $2,650

#EthereumPrice ,$ETH , #Cryptocurrencies


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