Ethereum Price Consolidates at Support—Will It Fuel the Next Move?
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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
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