Ethereum is consolidating below $2,500 against the US Dollar. ETH price could continue to move down if there is no break above $2,500 and $2,550.
- Ethereum managed to stay above the $2,320 and $2,300 support levels.
- The price is still trading below $2,500 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $2,450 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent increase if there is a clear move above $2,450 and $2,500.
Ethereum Price Holds Support
Ethereum declined below the $2,550 support after there was no upside break above $2,700. ETH even declined below the $2,400 level and the 100 hourly simple moving average.
However, the bulls were active near the $2,300 zone. A low is formed near $2,316 and the price is now correcting higher. There was a move above the $2,400 level. Ether price even climbed above the 23.6% Fib retracement level of the downward move from the $2,729 swing high to $2,316 low.
It is still trading below $2,500 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $2,450 level.
Besides, there is a major bearish trend line forming with resistance near $2,450 on the hourly chart of ETH/USD. The first major resistance is near the $2,500 level. A clear move above the $2,500 resistance might start a steady increase. In the stated case, the pair could even surpass the $2,550 level.
Source: ETHUSD on TradingView.com
The next key hurdle could be $2,630. It is near the 76.4% Fib retracement level of the downward move from the $2,729 swing high to $2,316 low.
More Losses in ETH?
If ethereum fails to start a fresh increase above the $2,500 level, it could start a fresh decline. An initial support on the downside is near the $2,350 level.
The first key support is now forming near the $2,315 level. If there is a downside break below the $2,315 and $2,300 levels, the price could accelerate lower. The next major support for the bulls may perhaps be near the $2,220 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now just above the 50 level.
Major Support Level – $2,315
Major Resistance Level – $2,500