Ethereum is currently correcting its gains after hitting resistance at $2,720. It is now trading below $2,650 and may find support near the $2,600 level.

  • Ethereum started correcting its gains from the $2,720 zone.

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

  • A key bearish trend line is forming on the hourly chart of ETH/USD (data source via Kraken) with resistance at $2,650.

  • Ethereum must hold support at $2,600 to have a chance of rebounding soon.

 

Ethereum Falls Again

The price of #Ethereum extended its gains and climbed above $2,650. It even briefly traded above $2,700 before the bears took over. The high was set at $2,728, and the price started to correct downward, similar to Bitcoin.

 The price dropped below $2,700 and $2,650. It also traded below the 50% Fibonacci retracement level of the upward move from the $2,554 low to the $2,728 high. Ethereum is now trading below $2,650 and the 100-hour simple moving average.

 However, bids could come near the $2,600 level, which coincides with the 76.4% Fibonacci retracement level between the $2,554 low and the $2,728 high.

 On the other hand, the price is facing obstacles near the $2,650 level. A key bearish trend line is forming on the hourly chart of ETH/USD with resistance at $2,650. The first significant resistance is near the $2,685 level, with another key resistance at $2,720.

 

Cena etherea

( Source: ETHUSD on TradingView.com )

 A break above the $2,720 resistance could lead to further gains in the coming sessions. In that case, Ether could rise toward the $2,840 resistance zone. The next obstacle lies near $2,880 or $2,920.

 Will the Losses Continue?

If Ethereum fails to break through the $2,650 resistance, its price may continue to decline. The first support is near the $2,600 level. The next major support is around the $2,550 zone.

 A clear break below the $2,550 support could push the price toward $2,520. Any further losses could drive the price toward the $2,450 support. Another key support stands at $2,365.

 Technical Indicators

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

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

  • Major support level – $2,600.

  • Major resistance level – $2,650.

 Notice:

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