Home CryptocurrencyAnalysis Ethereum price rejects $2,600, will bulls be able to save this key support?

Ethereum price rejects $2,600, will bulls be able to save this key support?

by SuperiorInvest

Ethereum price struggled to extend gains above $2,600 and $2,620. ETH trimmed gains and might struggle to stay above the $2,500 support zone.

  • Ethereum attempted a new rise but failed to surpass $2,620.
  • The price is trading below $2,550 and the 100 hourly simple moving average.
  • A key bearish trend line is forming with resistance near $2,540 on the hourly chart of ETH/USD (data via Kraken).
  • The pair begins another rise if the bulls protect the $2,500 and $2,470 support levels.

Ethereum price reviews support

Ethereum price started a fresh rise above the $2,520 resistance zone. ETH even rose above the $2,550 level, but the bears were active near $2,600, like Bitcoin.

The price reached $2,614 and recently began a new decline. There was a move below the $2,550 support zone. The price traded below the 61.8% Fibonacci retracement level of the ascending wave from the low of $2,471 to the high of $2,614.

Ethereum is now trading below $2,550 and the 100 hourly simple moving average. The bulls appear to be currently active above the 76.4% Fib retracement level of the ascending wave from the low $2,471 to the high $2,614.

On the upside, the price is facing resistance near the $2,540 level. There is also a key bearish trend line forming with resistance near $2,540 on the hourly chart of ETH/USD. The next major resistance is now near $2,580. A clear move above the $2,580 level could start a decent rise. In the indicated case, the price could rise towards the $2,620 level.

Source: ETHUSD on TradingView.com

The next key hurdle lies near the $2,650 area. A close above the $2,650 resistance could start another steady rise. The next key resistance is near $2,720. Any further gains could send the price towards the $2,800 zone.

Downside breakout in ETH?

If Ethereum fails to overcome the $2,540 resistance, it could start another decline. Initial support on the downside is near the $2,500 level.

The next key support could be the $2,470 area. A downside break below the $2,470 support could push the price down further. In the given case, Ether could test the $2,400 support. Any further losses could send the price towards the $2,350 level.

Technical Indicators

MACD hourlyThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Main Support Level: $2,500

Main Resistance Level: $2,540

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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