Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price is correcting gains from the $2,820 resistance. ETH could start another increase unless there is a close below the $2,645 support.
- Ethereum is correcting gains below the $2,780 and $2,750 levels.
- The price is trading below $2,720 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $2,740 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could find bids near the $2,650 and $2,645 levels.
Ethereum Price Starts Downside Correction
Ethereum price extended its increase above the $2,750 resistance level. ETH even climbed above $2,800 before the bears appeared. A high was formed at $2,820 and the price started a downside correction like Bitcoin.
There was a move below the $2,780 level. The price declined below the 50% Fib retracement level of the upward wave from the $2,535 swing low to the $2,820 high. Besides, there was a break below a key bullish trend line with support at $2,740 on the hourly chart of ETH/USD.
Ethereum price is now trading below $2,740 and the 100-hourly Simple Moving Average. However, the bulls are likely to remain active near the $2,645 support. It is close to the 61.8% Fib retracement level of the upward wave from the $2,535 swing low to the $2,820 high.
If there is another increase, the price might face hurdles near the $2,720 level. The first major resistance is near the $2,740 level. A close above the $2,740 level might send Ether toward the $2,820 resistance. The next key resistance is near $2,880. An upside break above the $2,880 resistance might send the price higher toward the $3,000 resistance zone in the near term.
More Downsides In ETH?
If Ethereum fails to clear the $2,740 resistance, it could continue to move down. Initial support on the downside is near $2,645. The first major support sits near the $2,600 zone.
A clear move below the $2,600 support might push the price toward $2,550 where the bulls could emerge. Any more losses might send the price toward the $2,500 support level in the near term. The next key support sits at $2,440.
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 below the 50 zone.
Major Support Level – $2,645
Major Resistance Level – $2,740
