Ethereum price corrected lower and tested the USD 2,440 support. ETH is now trading in a range and facing hurdles near the USD 2,550 and USD 2,585 levels.
- Ethereum attempts another surge from the $2,450 level.
- The price is trading just above $2,500 and the 100-hour Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance near $2,510 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it overcomes the USD 2,550 and USD 2,585 resistance levels.
Ethereum price provides important support
Ethereum price started a downside correction below the USD 2,620 support zone. ETH even fell below the USD 2,550 support, but the bulls were active around USD 2,440. A low formed near $2,469 and the price is now trading within a range like Bitcoin.
There was a small increase above the USD 2,500 level. The price climbed above the 50% Fib retracement level of the recent decline from the $2,588 swing high to the $2,469 low.
Additionally, there was a break above a connecting bearish trendline with resistance around $2,510 on the hourly chart of ETH/USD. Ethereum is now trading just above $2,500 and the 100-hour Simple Moving Average. On the upside, the price is facing resistance near the $2,540 level or the 61.8% Fib retracement level from the recent decline from the $2,588 swing high to the $2,469 low.
Source: ETHUSD on TradingView.com
The next major resistance is now near $2,585. A clear move above the USD 2,585 level could trigger a significant upside. In the mentioned case, the price could rise towards the USD 2,650 level. The main resistance is now forming around the $2,720 level. A close above the $2,720 resistance could trigger another big move higher. The next major resistance is near USD 2,780. Any further gains could send the price towards the $2,880 zone.
Another drop in ETH?
If Ethereum fails to clear the USD 2,585 resistance, it could trigger another decline. The initial downside support is near the $2,495 level.
The next major support could be the $2,445 zone. A downside break below the USD 2,445 support could push the price further down. In the mentioned case, Ether could test the USD 2,380 support. Any further losses could send the price towards the USD 2,320 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now just above the 50 level.
Major support level – $2,445
Major resistance level – $2,585
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