Ethereum price struggled to extend gains above USD 2,600 and USD 2,620. ETH pared gains and could struggle to stay above the $2,500 support zone.
- Ethereum attempted another surge but failed to surpass $2,620.
- The price is trading below $2,550 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair starts to rise again as the bulls protect the USD 2,500 and USD 2,470 support levels.
Ethereum price revisits support
Ethereum price started a fresh rise above the USD 2,520 resistance zone. ETH even climbed above the $2,550 level, but the bears, like Bitcoin, were active around $2,600.
The price reached a high of $2,614 and recently started a new decline. There was a move below the $2,550 support zone. The price traded below the 61.8% Fib retracement level of the upward wave from the $2,471 swing low to the $2,614 high.
Ethereum is now trading below $2,550 and the 100-hourly Simple Moving Average. The bulls currently appear to be active above the 76.4% Fib retracement level of the upwave from the $2,471 swing low to the $2,614 high.
On the upside, the price is facing resistance around the $2,540 level. There is also a major bearish trendline forming with resistance around $2,540 on the hourly chart of ETH/USD. The next major resistance is now near USD 2,580. A clear move above the USD 2,580 level could trigger a significant upside. In the mentioned case, the price could rise towards the USD 2,620 level.
Source: ETHUSD on TradingView.com
The next major hurdle is near the $2,650 zone. A close above the USD 2,650 resistance could trigger another steady rise. The next major resistance is near USD 2,720. Any further gains could send the price towards the $2,800 zone.
Disadvantage Break in ETH?
If Ethereum fails to clear the USD 2,540 resistance, it could trigger another decline. The initial downside support is near the USD 2,500 level.
The next major support could be the $2,470 zone. A downside break below the USD 2,470 support could push the price further down. In the mentioned case, Ether could test the USD 2,400 support. Any further losses could send the price towards the USD 2,350 level.
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 level.
Major Support Level – $2,500
Major resistance level – $2,540
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