Ethereum price corrected gains and tested the USD 2,400 support. ETH is now consolidating and could target a fresh rise above the USD 2,465 resistance.
- Ethereum started a downward correction below the $2,500 zone.
- The price is trading just above $2,430 and the 100-hourly Simple Moving Average.
- A short-term ascending channel is forming with support at $2,420 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to remain above the $2,400 support level for renewed upside in the near term.
Ethereum price holds support
Ethereum price failed to extend gains above the USD 2,500 resistance zone. ETH started a downward correction like Bitcoin and traded below the $2,465 support zone.
There was also a move below the USD 2,420 level. The price tested the 50% Fib retracement level of the upward wave from the $2,310 swing low to the $2,519 high. It seems like the bulls are now protecting more downside below the $2,400 support level.
The Ethereum price is now trading just above $2,430 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 2,465 level. A short-term ascending channel is also forming with support at $2,420 on the hourly chart of ETH/USD.
A clear move above the USD 2,465 resistance could send the price towards the USD 2,500 resistance. An upside break above the USD 2,500 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,600 resistance zone in the short term. The next hurdle is near the USD 2,650 or USD 2,665 level.
Lose more in ETH?
If Ethereum fails to clear the USD 2,465 resistance, it could trigger another decline. The initial downside support is near the $2,420 level. The first major support is near the $2,390 zone or the 61.8% Fib retracement level of the upward wave from the $2,310 swing low to the $2,519 high.
A clear move below the USD 2,390 support could push the price towards USD 2,325. Any further losses could send the price towards the USD 2,240 support level in the near term. The next major support is at $2,120.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,390
Major resistance level – $2,465
