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Ethereum price struggled to stay higher above the $2,750 resistance and fixed gains. ETH is now fighting to start a new high above $2,650.
- Ethereum started a lower correction below the $2,650 support.
- The price is trading below $2,650 and the 100-hour Simple Moving Average.
- There was a break above the connecting bearish line associated with resistance at $2,620 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair can start a new uptrend if it clears the $2,650 and $2,680 resistance levels.
Ethereum Price Begins to Consolidate
The price of Ethereum started a downside correction from the $2,750 resistance like Bitcoin. ETH traded below the $2,700 and $2,650 support levels to enter a temporary bearish zone.
The price traded as low as $2,605 and is currently covering losses. There was a slight uptick above the $2,620 level. The price traded near the 23.6% Fib retracement level to the downside from the $2,757 swing high to the $2,605 low.
Besides, there was a break above the bearish line connecting with resistance at $2,620 on the hourly chart of ETH/USD. However, the price is struggling to find bullish momentum.
Ethereum price is now trading below $2,650 and the 100-hour Simple Moving Average. On the other hand, the price seems to be facing obstacles near the $2,650 level. The first major resistance is near the $2,700 level. It is near the 50% Fib retracement level of the downside from the $2,757 swing high to the $2,605 swing low.
A clear move above the $2,700 resistance could send the price to the $2,750 resistance. A break above $2,750 may call for additional gains in future sessions. In the mentioned scenario, Ether can rise to the resistance area of ​​$2,800 in the near term. The next hurdle is near the $2,850 or $2,880 level.
More downside to ETH?
If Ethereum fails to clear the $2,650 resistance, it could start another decline. The first support on the downside is near the $2,600 level. The first major support sits near the $2,550 area.
A clear move below the $2,550 support could push the price towards $2,500. Another loss could send the price to the $2,440 support level in the near term. The next key support sits at $2,420.
Technical References
MACD per hour – MACD of ETH/USD is trending in bearish territory.
Hourly RSI – The RSI for ETH/USD is now below the 50 area.
Major Support Level – $2,600
Major Resistance Level – $2,650
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