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Ethereum price is correcting gains from the $2,720 resistance. ETH is now trading below $2,650 and might find bids near the $2,600 level.
Ethereum started a downside correction from the $2,720 zone.
The price is trading below $2,650 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $2,650 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $2,600 support to start a fresh increase in the near term.
Ethereum Price Dips Again
Ethereum price extended gains and traded above the $2,650 level. ETH even cleared the $2,700 level before the bears appeared. A high was formed at $2,728 and the price started a downside correction like Bitcoin.
There was a move below the $2,700 and $2,650 levels. The price traded below the 50% Fib retracement level of the upward move from the $2,554 swing low to the $2,728 high. Ethereum price is now trading below $2,650 and the 100-hourly Simple Moving Average.
However, the price could find bids near the $2,600 level or the 76.4% Fib retracement level of the upward move from the $2,554 swing low to the $2,728 high.
On the upside, the price seems to be facing hurdles near the $2,650 level. There is also a key bearish trend line forming with resistance at $2,650 on the hourly chart of ETH/USD. The first major resistance is near the $2,685 level. The next key resistance is near $2,720.
An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,840 resistance zone in the near term. The next hurdle sits near the $2,880 level or $2,920.
More Losses In ETH?
If Ethereum fails to clear the $2,650 resistance, it could continue to move down. Initial support on the downside is near the $2,600 level. The first major support sits near the $2,550 zone.
A clear move below the $2,550 support might push the price toward $2,520. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits 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 now below the 50 zone.
Major Support Level – $2,600
Major Resistance Level – $2,650
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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.
