Ethereum price failed to hold higher above the USD 2,550 resistance zone. ETH is now consolidating near $2,450 and showing some bearish signs.
- Ethereum started a recovery wave above the USD 2,400 and USD 2,420 levels.
- The price is trading below $2,550 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trendline with support at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise steadily if it breaks the USD 2,550 resistance zone.
Ethereum price struggles below $2,550
Ethereum price started a recovery wave above the USD 2,250 resistance level. ETH climbed above the USD 2,320 and USD 2,450 resistance levels, like Bitcoin above USD 65,000.
However, the bears were active near the $2,550 resistance zone. It reached a high of $2,555 before a downward correction. The price fell below the $2,450 level. It fell below the 23.6% Fib retracement level of the upward move from the $1,911 swing low to the $2,555 high.
Additionally, there was a break below a connecting bullish trendline with support at $2,500 on the hourly chart of ETH/USD. The pair tested the USD 2,320 support and is currently rising.
Ethereum price is still trading below $2,550 and the 100-hourly Simple Moving Average. On the upside, the price is facing hurdles around the USD 2,500 level. The first major resistance is near the $2,550 level and the 100-hourly Simple Moving Average.
A close above the USD 2,550 level could send Ether towards the USD 2,685 resistance. The next major resistance is near USD 2,865. An upside break above the USD 2,865 resistance could send the price higher towards the USD 3,000 resistance zone in the near term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,550 resistance, it could trigger another decline. The initial downside support is near USD 2,350. The first major support is near the $2,300 zone.
A clear move below the $2,300 support could push the price towards $2,150 and the 61.8% Fib retracement level of the upward move from the $1,911 swing low to the $2,555 high. Any further losses could send the price towards the USD 2,120 support level in the near term. The next major support is at $2,050.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,300
Major resistance level – $2,550
