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Ethereum price struggled to hold higher above the USD 2,750 resistance. ETH started a downside correction and traded below the USD 2,680 support.
- Ethereum started a downside correction below the USD 2,680 support.
- The price is trading below $2,650 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trendline with support near $2,680 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 cuts gains
Ethereum price remained steady above the $2,620 level, just like Bitcoin. ETH extended gains above the $2,650 resistance level to move further into a positive zone.
However, the bears remained active around the $2,765 level. A high was formed at $2,765 and the price started a downward correction. There was a break below a key bullish trendline with support near $2,680 on the hourly chart of ETH/USD.
The pair fell below the $2,650 level. A low was formed at $2,626 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the $2,757 swing high to the $2,626 low.
Ethereum price is now trading below $2,680 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 2,665 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 $2,626 low.
A clear move above the USD 2,700 resistance could send the price towards the USD 2,725 resistance. An upside break above the USD 2,725 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,780 resistance zone in the short term. The next hurdle is near the USD 2,840 or USD 2,880 level.
More disadvantages of ETH?
If Ethereum fails to clear the USD 2,680 resistance, it could trigger another decline. The initial downside support is near the $2,625 level. The first major support is near the $2,600 zone.
A clear move below the USD 2,600 support could push the price towards USD 2,550. 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 losing momentum in the bullish 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
