Ethereum price is currently undergoing a correction from the $2,720 resistance level. As of now, ETH is trading below $2,650, with potential bids likely to appear around the $2,600 mark.
- Ethereum began a downside correction from the $2,720 zone.
- The price is trading below $2,650 and the 100-hourly Simple Moving Average.
- A key bearish trend line is 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 recently extended its gains, trading above the $2,650 threshold. It even surpassed the $2,700 level before encountering bearish resistance. A high was recorded at $2,728, after which the price began a downward correction similar to Bitcoin.
Subsequently, there was a dip below the $2,700 and $2,650 levels. The price fell below the 50% Fibonacci retracement level of the upward move from the $2,554 swing low to the $2,728 high. Currently, Ethereum is trading below $2,650 and the 100-hourly Simple Moving Average.
Nonetheless, the price might find support near the $2,600 level or the 76.4% Fibonacci retracement level of the upward move from the $2,554 swing low to the $2,728 high.
On the upside, Ethereum is encountering resistance near the $2,650 level. Additionally, a key bearish trend line with resistance at $2,650 is forming on the hourly chart of ETH/USD. The first significant resistance is near the $2,685 level, followed by a key resistance at $2,720.
A breakout above the $2,720 resistance could pave the way for further gains in upcoming sessions. If this occurs, Ether could potentially rise towards the $2,840 resistance zone in the near term. The next major hurdle lies near the $2,880 or $2,920 levels.
More Losses in ETH?
If Ethereum fails to surpass the $2,650 resistance, it could continue its downward trajectory. The initial support on the downside is near the $2,600 level, with the first significant support around the $2,550 zone.
A clear move below the $2,550 support might push the price towards $2,520. Any further losses could drive the price down to the $2,450 support level in the near term. The subsequent key support is positioned 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 currently below the 50 zone.
Major Support Level
$2,600
Major Resistance Level
$2,650
