Ethereum price started a fresh decline below the $2,600 zone. ETH is now consolidating losses and might attempt to recover above the $2,550 resistance.
- Ethereum started a fresh decline below the $2,580 level.
- The price is trading below $2,550 and the 100-hourly Simple Moving Average.
- There is a rising channel forming with support at $2,490 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it settles above the $2,620 resistance zone in the near term.
Ethereum Price Eyes Upside Break
Ethereum price started a fresh decline below the $2,600 support level, like Bitcoin. ETH price declined below the $2,550 and $2,540 levels.
The bears even pushed the price below the $2,500 level. The pair tested the $2,450 zone and started a consolidation phase. There was a minor move above the $2,520 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,680 swing high to the $2,456 low.
Ethereum price is now trading below $2,540 and the 100-hourly Simple Moving Average. Besides, there is a rising channel forming with support at $2,490 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $2,540 level. The next key resistance is near the $2,565 level. It is close to the 50% Fib retracement level of the downward move from the $2,680 swing high to the $2,456 low. The first major resistance is near the $2,620 level.
A clear move above the $2,620 resistance might send the price toward the $2,660 resistance. An upside break above the $2,660 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,720 resistance zone or even $2,800 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $2,565 resistance, it could start a fresh decline. Initial support on the downside is near the $2,490 level. The first major support sits near the $2,455 zone.
A clear move below the $2,455 support might push the price toward the $2,360 support. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,250.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,455
Major Resistance Level – $2,565