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Ethereum price is correcting gains below the USD 2,650 resistance. ETH is now trading near the USD 2,600 support and could face many hurdles.
- Ethereum started a downward correction below the $2,650 zone.
- The price is trading below $2,620 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $2,630 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to stay above the $2,550 support for another move higher in the near term.
Ethereum price takes a hit
Ethereum price struggled to stay above the USD 2,700 level. ETH started a downside correction below the $2,650 support level, just like Bitcoin. There was also a move below the USD 2,600 level.
A low was formed near USD 2,575 and the price is now consolidating losses. There was a small increase above the USD 2,600 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,672 swing high to the $2,575 low.
Ethereum price is now trading below $2,640 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 2,625 level. There is also a major bearish trendline forming with resistance at $2,630 on the hourly chart of ETH/USD.
The trendline is close to the 50% Fib retracement level of the downward move from the $2,672 swing high to the $2,575 low. The first major resistance is around the $2,650 level. The next major resistance is near USD 2,665.
An upside break above the USD 2,665 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,700 resistance zone in the short term. The next hurdle is near the USD 2,720 or USD 2,800 level.
Lose more in ETH?
If Ethereum fails to clear the USD 2,630 resistance, it could continue falling. The initial downside support is near the $2,600 level. The first major support is near the $2,550 zone.
A clear move below the USD 2,550 support could push the price towards USD 2,500. Any further losses could send the price towards the USD 2,450 support level in the near term. The next major support is at $2,320.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $2,575
Major resistance level – $2,630