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Ethereum price extended losses and tested the USD 2,450 support zone. ETH is recovering losses and struggling to pace a move above the USD 2,550 level.
- Ethereum started a recovery wave from the $2,450 zone.
- The price is trading below $2,560 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it overcomes the USD 2,580 and USD 2,600 resistance levels.
Ethereum price begins recovery
Ethereum price extended its decline below the $2,550 level, just like Bitcoin. Trading as low as $2,445, ETH recently started an upward correction.
There was a small increase above the USD 2,500 level. The price traded above the 23.6% Fib retracement level of the downward wave from the $2,760 swing high to the $2,445 low. There was also a break above a key bearish trendline with resistance at $2,540 on the hourly chart of ETH/USD.
Ethereum price is now trading below $2,560 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 2,560 level.
The first major resistance is near the $2,580 level and the 100-hourly Simple Moving Average. The main resistance is now forming around $2,600. It is close to the 50% Fib retracement level of the downward wave from the $2,760 swing high to the $2,445 low.
A clear move above the USD 2,600 resistance could send the price towards the USD 2,650 resistance. An upside break above the USD 2,650 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,750 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the USD 2,560 resistance, it could trigger another decline. The initial downside support is near the $2,505 level. The first major support is near the $2,485 zone.
A clear move below the USD 2,485 support could push the price towards USD 2,450. Any further losses could send the price towards the USD 2,420 support level in the near term. The next major support is at $2,340.
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 – $2,500
Major resistance level – $2,580
