Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum started a fresh decline from the $2,850 resistance against the US Dollar. ETH price is down over 5% and it is struggling to stay above $2,420.
- Ethereum declined sharply after there was a clear break below the $2,650 support.
- The price is now well below $2,650 and the 100 hourly simple moving average.
- There was a break below a key rising channel with support near $2,760 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down unless there is a strong recovery above $2,550 and $2,650.
Ethereum Price Breaks Key Support
Ethereum attempted a major upside break above the $2,800 level. However, ETH failed to clear the $2,850 level and started a fresh decline.
There was a break below a key rising channel with support near $2,760 on the hourly chart of ETH/USD. The pair declined sharply below the $2,650 support and it settled well below the 100 hourly simple moving average.
Ether gained bearish momentum and it even broke the key $2,550 support zone. There was a spike below $2,450, but the price remained stable above the $2,420 support. A low is formed near $2,433 and the price is now consolidating losses.
Source: ETHUSD on TradingView.com
An initial resistance on the upside is near the $2,520 level. The 23.6% Fib retracement level of the of the recent decline from the $2,849 high to $2,433 low is also near $2,530.
The first major resistance is near the $2,550 level. The main resistance is now forming near $2,650. It is close to the 50% Fib retracement level of the of the recent decline from the $2,849 high to $2,433 low. A clear upside break above the $2,650 level could set the pace for a steady increase.
More Losses in ETH?
If Ethereum fails to clear the $2,550 and $2,650 resistance levels, it could extend its decline. An initial support on the downside is near the $2,450 level.
The first major support is near the $2,420 level. A downside break below $2,420 could open the doors for a larger decline. The next major support is near the $2,200 zone, where the bulls are likely to take a stand.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 30 level.
Major Support Level – $2,420
Major Resistance Level – $2,550
