Ethereum price struggled to continue rising above the $2,750 resistance. ETH started a downside correction and traded below the $2,680 support.
Ethereum started a downside correction below the $2,680 support.
The price is trading below the $2,650 level and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $2,680 on the hourly chart of ETH/USD (data feed from Kraken).
The pair could start a bullish reversal if it clears the $2,650 and $2,680 resistance levels.
Ethereum Price Cuts Gains
Ethereum price remains stable above $2,620 like Bitcoin. ETH extended gains above the $2,650 resistance to move further into positive territory.
However, the bears remained active near the $2.765 level. A high was formed at $2.765 and the price started a downside correction. There was a break below a key bullish trend line with support near $2.680 on the hourly chart of ETH/USD.
The pair declined below the $2,650 level. A low was formed at $2,626 and the price is currently consolidating near the 23.6% Fibonacci retracement level of the downward move from the $2,757 high to $2,626 low.
Ethereum price is currently trading below $2.680 and the 100 hourly simple moving average. On the upside, the price seems to be facing a hurdle near the $2.665 level. The first major resistance is near the $2.700 level. It is close to the 50% Fib retracement level of the downward move from the $2.757 high to $2.626 low.
A clear move above the $2,700 resistance level could push the price towards the $2,725 resistance level. A break above the $2,725 resistance level could lead to more gains in the coming sessions. In that case, Ether could rise towards the $2,780 resistance zone in the near term. The next hurdle lies near the $2,840 or $2,880 levels.
Are there more disadvantages in ETH?
If Ethereum fails to clear the $2,680 resistance, it could start another decline. Initial support on the downside is near the $2,625 level. The first major support is near the $2,600 region.
A clear move below the $2,600 support could push the price towards $2,550. Any further losses could push the price towards the $2,500 support in the near term. The next important support level lies at $2,440.
Technical indicators
Hourly MACD â The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI â The RSI for ETH/USD is currently below the 50 zone.
Major Support Level â $2,600
Major Resistance Level â $2,680