Ethereum price extended losses and tested the USD 2,380 support zone. ETH is recovering losses and struggling to pace a move above the USD 2.5250 level.
- Ethereum started a recovery wave from the $2,380 zone.
- The price is trading below $2,500 and the 100-hourly Simple Moving Average.
- A short-term ascending channel is forming with support at $2,480 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it overcomes the USD 2,520 and USD 2,550 resistance levels.
Ethereum price aims higher
Ethereum price extended its decline below the $2,250 level, unlike Bitcoin. ETH traded as low as $2,379 and recently started an upward correction.
There was a small increase above the USD 2,420 level. The price traded above the 50% Fib retracement level of the downwave from the $2,562 swing high to the $2,379 low. The bulls even pushed the price above the USD 2,500 resistance but struggled near USD 2,520.
The Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average. A short-term ascending channel is also forming with support at $2,480 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the USD 2,520 level and the 100-hourly Simple Moving Average. It is close to the 76.4% Fib retracement level of the downward wave from the $2,562 swing high to the $2,379 low.
The first major resistance is around the $2,550 level. The main resistance is now forming around $2,600. A clear move above the USD 2,600 resistance could send the price towards the USD 2,650 resistance. An upside break above the USD 2,650 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,750 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the USD 2,520 resistance, it could trigger another decline. The initial downside support is near the $2,480 level. The first major support is near the $2,420 zone.
A clear move below the USD 2,420 support could push the price towards USD 2,380. Any further losses could send the price towards the USD 2,320 support level in the near term. The next major support is at USD 2,250.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now near the 50 zone.
Major support level – $2,450
Major resistance level – $2,520
