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

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

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.


Ethereum Price

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 MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,525

Major Resistance Level – $2,700

* 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.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Bitcoin rose above $122,000, approaching its all-time high of $123,218 from JulyBitcoin climbed over $122,000 on Monday morning after the OG crypto found support at $120,080 Sunday night.
Author  Cryptopolitan
3 mins ago
Bitcoin climbed over $122,000 on Monday morning after the OG crypto found support at $120,080 Sunday night.
placeholder
Institutions Go Shopping: Whales Scoop Up $4.16-B Of Ethereum Tokens In Past MonthInstitutional investors have taken center stage in crypto discussions in recent weeks, with emerging treasury companies being the talk of the town.
Author  Bitcoinist
8 mins ago
Institutional investors have taken center stage in crypto discussions in recent weeks, with emerging treasury companies being the talk of the town.
placeholder
Top 3 Price Prediction: BTC nears record highs, ETH and XRP follow suitBitcoin (BTC), Ethereum (ETH), and Ripple (XRP) kicked off the week on a bullish note, with BTC inching closer to its record high of $123,218.
Author  FXStreet
3 hours ago
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) kicked off the week on a bullish note, with BTC inching closer to its record high of $123,218.
placeholder
Ethereum Surges Past $4,300 as Markets Await Pivotal CPI DataOver the weekend, Fed Vice Chair Michelle Bowman’s unexpected remarks fueled Ethereum’s surprise rise.
Author  Beincrypto
4 hours ago
Over the weekend, Fed Vice Chair Michelle Bowman’s unexpected remarks fueled Ethereum’s surprise rise.
placeholder
Bitcoin Bull Run at Risk as Whales Sell and Retail Buys In LateThe tug of war between Bitcoin bulls and bears since the asset reached its all-time high of $122,054 on July 14 has kept prices largely rangebound. 
Author  Beincrypto
Aug 08, Fri
The tug of war between Bitcoin bulls and bears since the asset reached its all-time high of $122,054 on July 14 has kept prices largely rangebound. 
Real-time Quote