Ethereum price found support at $2,460 and started a fresh increase. ETH is now struggling and might drop again below the $2,500 support.
- Ethereum started a decent increase above the $2,500 and $2,520 levels.
- The price is trading near $2,550 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trend line with support at $2,555 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if there is a move below the $2,500 support zone in the near term.
Ethereum Price Faces Resistance
Ethereum price started a fresh increase from the $2,460 support zone, similar to what has been observed with Bitcoin. ETH price was able to recover above the $2,500 and $2,520 resistance levels.
The bulls pushed the price above the 23.6% Fibonacci retracement level of the downward move from the $2,730 swing high to the $2,463 low. However, the bears were active near the $2,600 resistance zone, causing the price to react to the downside.
Currently, Ethereum price is trading near $2,550 and the 100-hourly Simple Moving Average. Notably, there was a break below a connecting bullish trend line with support at $2,555 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $2,580 level, with the next key resistance situated around the $2,600 mark. This is in proximity to the 50% Fibonacci retracement level of the downward move from the $2,730 swing high to the $2,463 low.
The first major resistance stands at the $2,650 level. A clear movement above this resistance could propel the price toward the $2,720 resistance. Should Ethereum surpass the $2,720 resistance, we might witness further gains in the coming sessions, potentially leading to a rise toward the $2,800 resistance zone or even the $2,850 mark in the near term.
Potential for Losses in ETH?
Should Ethereum fail to overcome the $2,600 resistance, it might initiate a decline. The initial support on the downside is located near the $2,550 level, while the first significant support stands at the $2,520 zone.
A decisive move below the $2,520 support could push the price toward the $2,460 support, with additional losses potentially taking Ethereum to the $2,420 support level in the near term. The next key support lies at $2,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone, indicating weakening momentum.
Major Support Level – $2,520
Major Resistance Level – $2,600
