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Ethereum price started declining again after the USD 2,720 resistance. ETH is back below $2,550 and may struggle to make another rise in the short term.
- Ethereum started a new decline from the USD 2,720 resistance zone.
- The price is trading below $2,550 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $2,560 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if it fails to hold above the $2,450 support zone.
Ethereum price dips below USD 2,550
Ethereum’s price struggled to stay above $2,650 and, like Bitcoin, started a new decline. ETH fell heavily below the USD 2,620 and USD 2,600 levels.
There was a break below a key bullish trendline with support at $2,560 on the hourly chart of ETH/USD. The pair fell below the 50% Fib retracement level of the upward wave from the $2,488 swing low to the $2,719 high. The bears even pushed the price below $2,550.
Ethereum price is now trading below $2,550 and the 100-hourly Simple Moving Average. It is now approaching the $2,460 support zone and the 61.8% Fib retracement level of the upward wave from the $2,488 swing low to the $2,719 high.
On the upside, the price seems to be facing hurdles around the USD 2,550 level. The first major resistance is around the $2,580 level. The main resistance is now forming around $2,610. A clear move above the USD 2,610 resistance could send the price towards the USD 2,650 resistance.
An upside break above the USD 2,650 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 2,720 resistance zone.
More disadvantages of ETH?
If Ethereum fails to clear the USD 2,550 resistance, it could continue falling. The initial downside support is near the $2,480 level. The first major support is near the $2,450 zone.
A clear move below the USD 2,450 support could push the price towards USD 2,380. Any further losses could send the price towards the USD 2,320 support level in the near term. The next major support is at USD 2,250.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $2,450
Major resistance level – $2,550
