Ethereum price started a fresh increase from the $2,470 zone. ETH is now facing resistance near the $2,650 and $2,660 levels.
- Ethereum started a fresh increase above the $2,500 level.
- The price is trading above $2,500 and the 100-hourly Simple Moving Average.
- There was a break below a short-term rising channel with support at $2,580 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if it trades below the $2,545 support zone in the near term.
Ethereum Price Faces Resistance
Ethereum price started a decent recovery wave from the $2,470 zone, beating Bitcoin. ETH price was able to climb above the $2,500 and $2,540 resistance levels.
The price cleared the 50% Fib retracement level of the downward move from the $2,788 swing high to the $2,470 low. However, the bears seem to be active below the $2,660 resistance zone. The price is again moving lower below the $2,600 level.
There was a break below a short-term rising channel with support at $2,580 on the hourly chart of ETH/USD. Ethereum price is now trading above $2,540 and the 100-hourly Simple Moving Average.
On the upside, the price could face resistance near the $2,620 level. The next key resistance is near the $2,650 level. The first major resistance is near the $2,660 level. It is near the 61.8% Fib retracement level of the downward move from the $2,788 swing high to the $2,470 low.
A clear move above the $2,660 resistance might send the price toward the $2,720 resistance. An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,780 resistance zone or even $2,880 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $2,660 resistance, it could start a fresh decline. Initial support on the downside is near the $2,545 level. The first major support sits near the $2,500 zone.
A clear move below the $2,500 support might push the price toward the $2,470 support. Any more losses might send the price toward the $2,420 support level in the near term. The next key support sits at $2,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 zone.
Major Support Level – $2,545
Major Resistance Level – $2,660