Ethereum price started retreating against the USD 2,680 resistance. ETH is now falling and remains at risk of more downside if it does not stay above $2,550.
- Ethereum started a new decline below the USD 2,650 level.
- The price is trading below $2,680 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,610 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if it falls below the $2,550 support zone.
Ethereum price is showing signs of weakness
Ethereum price tried to pace a move above the USD 2,680 level. However, ETH failed to rise further and started a new decline below $2,650, just like Bitcoin.
There was a break below the 23.6% Fib retracement level of the upward move from the $2,514 swing low to the $2,682 high. The price even fell below the 100-hour Simple Moving Average. However, the bulls are now active around the $2,620 level.
Ethereum price is now trading below $2,650 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $2,610 on the hourly chart of ETH/USD.
If another rise occurs, the price may face obstacles near the USD 2,650 level. The first major resistance is around the $2,680 level. A close above the USD 2,680 level could send Ether towards the USD 2,720 resistance. The next major resistance is near USD 2,720. An upside break above the USD 2,720 resistance could send the price higher towards the USD 2,880 resistance zone in the near term.
Lose more in ETH?
If Ethereum fails to clear the USD 2,680 resistance, it could continue falling. The initial downside support is near USD 2,620. The first major support is near the $2,600 zone or the 50% Fib retracement level of the upward move from the $2,514 swing low to the $2,682 high.
A clear move below the USD 2,600 support could push the price towards USD 2,550 where the bulls could emerge. Any further losses could send the price towards the USD 2,500 support level in the near term. The next major support is at $2,440.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $2,600
Major resistance level – $2,680
