Ethereum Price Consolidates at Support—Will It Fuel the Next Move?
Trending Articles- Markets in 2026: Will gold, Bitcoin, and the U.S. dollar make history again? — These are how leading institutions think
- Bitcoin Price Surges To $90,000. U.S. Arrests Venezuela's President, Triggers Bull Frenzy
- After Upheaval in the World’s Largest Oil Reserve Holder, Who Will Emerge as the Biggest Winner in Venezuela’s Oil Market?
- U.S. to freeze and take control of Venezuela's Bitcoin holdings after Maduro capture
- Ethereum Price Forecast: Accumulation addresses post record inflows in December despite high selling pressure
- Silver Price Forecast: XAG/USD bulls look to build on momentum beyond $79.00
Ethereum price is consolidating above the $2,500 zone. ETH might gain bullish momentum if it clears the $2,700 resistance zone.
Ethereum started a fresh decline below the $2,650 level.
The price is trading below $2,680 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2,690 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a decent upward move if it settles above $2,700 and $2,735.
Ethereum Price Eyes Upside Break
Ethereum price started a fresh decline below the $2,800 support zone, like Bitcoin. ETH declined below the $2,750 and $2,700 support levels to move into a short-term bearish zone.
The price dipped and tested the 50% Fib retracement level of the upward wave from the $2,125 swing low to the $2,922 high. Finally, it found support near the $2,500 zone. The price is now consolidating and seems to be forming a base above the $2,500 level.
Ethereum price is now trading below $2,680 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance at $2,690 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,680 level. The first major resistance is near the $2,735 level. The main resistance is now forming near $2,800 or $2,820. A clear move above the $2,820 resistance might send the price toward the $2,920 resistance.
An upside break above the $2,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,000 resistance zone or even $3,050 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $2,700 resistance, it could start another decline. Initial support on the downside is near the $2,550 level. The first major support sits near the $2,520 zone.
A clear move below the $2,520 support might push the price toward the $2,440 support or the 61.8% Fib retracement level of the upward wave from the $2,125 swing low to the $2,922 high. Any more losses might send the price toward the $2,365 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 below the 50 zone.
Major Support Level – $2,525
Major Resistance Level – $2,700
Read more
* 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.
