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Ethereum Price Set to Rise Again, But Will This Level Hold?

Ethereum Price Set to Rise Again, But Will This Level Hold?

Ethereum Price Set to Rise Again

Ethereum Price Set to Rise Again

Ethereum price started a downside correction from the $2,700 resistance. ETH is now above the $2,550 support and might aim for more gains.

Ethereum Price Sees Downside Correction

Ethereum price struggled to clear the $2,700 resistance zone. ETH formed a high near $2,700 and started a downside correction like Bitcoin. There was a drop below the $2,620 level.

The price even declined below the $2,600 level and tested $2,550. A low was formed at $2,554 and the price is now attempting a fresh increase. It climbed above the $2,580 level. Ether cleared the 23.6% Fib retracement level of the downward move from the $2,701 swing high to the $2,554 low.

Ethereum price is now trading below $2,620 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,600 level. The first major resistance is near the $2,620 level.

There is also a connecting bearish trend line forming with resistance at $2,620 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward move from the $2,701 swing high to the $2,554 low.

Source: ETHUSD on TradingView.com

The next key resistance is near $2,645. An upside break above the $2,645 resistance might call for more gains. In the stated case, Ether could rise toward the $2,700 resistance zone in the near term. The next hurdle sits near the $2,720 level or $2,800.

Another Drop In ETH?

If Ethereum fails to clear the $2,620 resistance, it could start another decline. Initial support on the downside is near the $2,550 level. The first major support sits near the $2,525 zone.

A clear move below the $2,525 support might push the price toward $2,450. Any more losses might send the price toward the $2,400 support level in the near term. The next key support sits at $2,320.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,550

Major Resistance Level – $2,620

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