Ethereum price is rising rapidly below the USD 2,550 resistance. ETH is now trading above $2,500, but it may be difficult to recover above $2,550.
- Ethereum started a downward correction below the $2,550 zone.
- The price is trading below $2,520 and the 100-hourly Simple Moving Average.
- A short-term consolidation pattern is forming with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to stay above the $2,420 support for another move higher in the near term.
Ethereum price plunges 5%
Ethereum price remained in a bearish zone and extended losses below the USD 2,600 level. ETH traded below the USD 2,550 support to enter a bearish zone like Bitcoin. There was also a move below the USD 2,500 level.
A low was formed near USD 2,413 and the price is now consolidating losses. There was a small increase above the USD 2,450 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,655 swing high to the $2,413 low.
Ethereum price is now trading below $2,520 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 2,520 level. A short-term consolidation pattern is also forming with resistance at $2,500 on the hourly chart of ETH/USD.
The first major resistance is near the $2,535 level or the 50% Fib retracement level of the downward move from the $2,655 swing high to the $2,413 low. The next major resistance is near USD 2,550.
An upside break above the USD 2,550 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,620 resistance zone in the short term. The next hurdle is near the USD 2,650 or USD 2,665 level.
Lose more in ETH?
If Ethereum fails to clear the USD 2,520 resistance, it could continue to decline. The initial downside support is near the $2,440 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 2,350. Any further losses could send the price towards the USD 2,250 support level in the near term. The next major support is at $2,120.
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 – $2,420
Major resistance level – $2,550
