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Ethereum price extended losses and traded below the $2,500 support. ETH is strengthening and may struggle to recover above the $2,500 resistance.
- Ethereum started a new low from the $2,550 resistance area.
- The price is trading below $2,480 and the 100-hour Simple Moving Average.
- There is a new bearish connecting line active at $2,445 resistance on the ETH/USD hourly chart (data feed via Kraken).
- The pair can start a wave of recovery if it crosses the resistance levels of $2,445 and $2,500.
Ethereum Price Adds Losses
The price of Ethereum struggled to stay above $2,500 and started a new low just like Bitcoin. ETH dropped below the $2,450 and $2,420 levels.
It tested the $2,350 support area. A low was formed at $2,357 and the price is now trying to recover. There was a move above the $2,385 resistance area. Price tested the 23.6% Fib retracement level to the downside from the $2,583 high to $2,357 low.
Ethereum price is now trading below $2,500 and the 100-hour Simple Moving Average. There is also a new bearish connecting line active at $2,445 resistance on the hourly chart of ETH/USD.
On the other hand, the price seems to be facing obstacles near the $2,445 level and the trend line. The first major resistance is near the $2,470 level or the 50% Fib retracement level of the downside from the $2,583 swing high to the $2,357 low.
The main resistance now makes about $2,500. A clear move above the $2,500 resistance could send the price to the $2,550 resistance. A break above $2,550 may call for additional gains in future sessions. In the mentioned scenario, Ether can rise to the resistance area of ​​$2,620.
Another Drop in ETH?
If Ethereum fails to clear the $2,445 resistance, it could start another decline. The first support on the downside is near the $2,380 level. The first major support sits near the $2,350 area.
A clear move below the $2,350 support could push the price to $2,285. Another loss could send the price to the $2,220 support level in the near term. The next key support remains at $2,150.
Technical References
MACD per hour – MACD of ETH/USD is losing momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now below the 50 area.
Major Support Level – $2,360
Maximum Resistance Level – $2,500
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