Ethereum price commenceed a downside rightion from the $2,700 resistance. ETH is now above the $2,550 help and might aim for more gets.
- Ethereum is aiming for a new incrrelieve from the $2,550 help.
- The price is trading below $2,620 and the 100-hourly Simple Moving Average.
- There is a combineing tolerateish trend line createing with resistance at $2,620 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above the $2,550 help to commence a new incrrelieve in the proximate term.
Ethereum Price Sees Downside Correction
Ethereum price struggled to evident the $2,700 resistance zone. ETH createed a high proximate $2,700 and commenceed a downside rightion enjoy Bitcoin. There was a drop below the $2,620 level.
The price even deteriorated below the $2,600 level and tested $2,550. A low was createed at $2,554 and the price is now finisheavoring a new incrrelieve. It climbed above the $2,580 level. Ether evidented the 23.6% Fib retrackment level of the downward shift from the $2,701 sprosperg high to the $2,554 low.
Ethereum price is now trading below $2,620 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles proximate the $2,600 level. The first meaningful resistance is proximate the $2,620 level.
There is also a combineing tolerateish trend line createing with resistance at $2,620 on the hourly chart of ETH/USD. The trend line is shut to the 50% Fib retrackment level of the downward shift from the $2,701 sprosperg high to the $2,554 low.
The next key resistance is proximate $2,645. An upside fracture above the $2,645 resistance might call for more gets. In the stated case, Ether could elevate toward the $2,700 resistance zone in the proximate term. The next hurdle sits proximate the $2,720 level or $2,800.
Another Drop In ETH?
If Ethereum flunks to evident the $2,620 resistance, it could commence another deteriorate. Initial help on the downside is proximate the $2,550 level. The first meaningful help sits proximate the $2,525 zone.
A evident shift below the $2,525 help might push the price toward $2,450. Any more losses might send the price toward the $2,400 help level in the proximate term. The next key help sits at $2,320.
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.
Major Support Level – $2,550
Major Resistance Level – $2,620
