Ethereum Price has attempted a new increase of over $2,600. ETH is currently trimming profits and could struggle to exceed $2,500 in support.
- Ethereum has begun a new decline below the $2,600 level.
- The price is below $2,575 and trades a simple 100-hour moving average.
- The ETH/USD hourly wage chart (data feed via Kraken) has $2,525 support and has created a bullish trendline.
- The pair could start a new increase if they are over the $2,500 zone in the short term.
Ethereum price corrects profit
Ethereum Price found support nearly $2,440 and launched a Bitcoin-like recovery wave. ETH prices were recovered above the $2,500 and $2,550 resistance levels.
The price surpasses the $2,620 resistance. There was a move above the 23.6% FIB retracement level of the downward movement from the $2,880 Swing High to the $2,440 low. However, the bear remained active near the $2,660 resistance zone.
The Bears defended a 50% FIB retracement level of downward movements, from a Swing High of $2,880 to a low of $2,440. Prices are again below $2,600. Ethereum prices are currently below $2,575, trading a simple 100-hour moving average.
What's more, ETH/USD hourly wage charts form a bullish trendline with $2,525 support. The advantage is that the price could face resistance close to the $2,620 level. The next important resistance is close to the $2,640 level. The first major resistance is close to the $2,660 level.
A clear move above the $2,660 resistance could turn the price towards the $2,720 resistance. An upward break above the $2,720 resistance could require more profits in future sessions. If stated, ether could rise towards a $2,800 resistance zone, or even $2,880 in the short term.
More losses in ETH?
If Ethereum fails to clear the $2,660 resistance, it could begin a new decline. The initial support for the downside is close to the $2,540 level. The first major support is near the $2,525 zone and trendline.
A clear move below the $2,525 support could push the price up to $2,500 support. Any further losses could send prices towards a support level of $2,440 in the short term. The following key support is $2,350.
Technical indicators
Timely MACD – ETH/USD's MACD is gaining momentum in the bear zone.
Hourly RSI – ETH/USD's RSI is below 50 zone.
Key Support Levels – $2,500
Major Resistance Levels – $2,660
