Ethereum Price Rejects $2,600, Can Bulls Save This Key Support?
Ethereum price struggled to extend gains above $2,600 and $2,620. ETH trimmed gains and might struggle to stay above the $2,500 support zone.
- Ethereum attempted a fresh increase but failed to surpass $2,620.
- The price is trading below $2,550 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance near $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair start another increase if the bulls protect the $2,500 and $2,470 support levels.
Ethereum Price Revisits Support
Ethereum price started a fresh increase above the $2,520 resistance zone. ETH even climbed above the $2,550 level, but the bears were active near $2,600, like Bitcoin .
The price traded as high as $2,614 and recently started a fresh decline. There was a move below the $2,550 support zone. The price traded below the 61.8% Fib retracement level of the upward wave from the $2,471 swing low to the $2,614 high.
Ethereum is now trading below $2,550 and the 100-hourly Simple Moving Average . The bulls seem to be currently active above the 76.4% Fib retracement level of the upward wave from the $2,471 swing low to the $2,614 high.
On the upside, the price is facing resistance near the $2,540 level. There is also a key bearish trend line forming with resistance near $2,540 on the hourly chart of ETH/USD. The next major resistance is now near $2,580. A clear move above the $2,580 level might start a decent increase. In the stated case, the price could rise toward the $2,620 level.
Source: ETHUSD on TradingView.com
The next key hurdle sits near the $2,650 zone. A close above the $2,650 resistance could start another steady increase. The next key resistance is near $2,720. Any more gains might send the price toward the $2,800 zone.
Downside Break in ETH?
If Ethereum fails to clear the $2,540 resistance, it could start another decline. Initial support on the downside is near the $2,500 level.
The next key support could be the $2,470 zone. A downside break below the $2,470 support might send the price further lower. In the stated case, Ether could test the $2,400 support. Any more losses might send the price toward the $2,350 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,500
Major Resistance Level – $2,540
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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