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Ethereum price struggled to hold higher above the USD 2,750 resistance and corrected gains. ETH is now struggling to start a new rise above $2,650.
- Ethereum started a downward correction below the USD 2,650 support.
- The price is trading below $2,650 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $2,620 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it overcomes the USD 2,650 and USD 2,680 resistance levels.
Ethereum price begins consolidation
Ethereum price, like Bitcoin, started a downward correction from the USD 2,750 resistance. ETH traded below the USD 2,700 and USD 2,650 support levels, entering a short-term bearish zone.
The price traded as low as $2,605 and is currently consolidating losses. There was a small increase above the USD 2,620 level. The price traded close to the 23.6% Fib retracement level of the downward move from the $2,757 swing high to the $2,605 low.
Additionally, there was a break above a connecting bearish trendline with resistance at $2,620 on the hourly chart of ETH/USD. However, the price is struggling to gain bullish momentum.
Ethereum price is now trading below $2,650 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 2,650 level. The first major resistance is around the $2,700 level. It is close to the 50% Fib retracement level of the downward move from the $2,757 swing high to the $2,605 low.
A clear move above the USD 2,700 resistance could send the price towards the USD 2,750 resistance. An upside break above the USD 2,750 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,800 resistance zone in the short term. The next hurdle is near the USD 2,850 or USD 2,880 level.
More disadvantages of ETH?
If Ethereum fails to clear the USD 2,650 resistance, it could trigger another decline. 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 2,440 support level in the near term. The next major support is at $2,420.
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 – $2,650