Ethereum Attempts a Fresh Increase
Ethereum is currently trying to make a new upward move from the $2,450 level. The price is trading slightly above $2,500 and the 100-hourly Simple Moving Average. In addition, there was a break above a bearish trend line with resistance near $2,510 on the hourly chart of ETH/USD.
Ethereum Price Holds Key Support
After experiencing a downside correction below the $2,620 support zone, Ethereum’s price dropped below the $2,550 support level. However, it found support near $2,440 and formed a low around $2,469. The price is currently trading within a range.
Recently, there was a slight increase above the $2,500 level as the price climbed above the 50% Fib retracement level of the recent decline. Additionally, a bearish trend line was broken with resistance near $2,510 on the hourly chart of ETH/USD. Currently, Ethereum is trading just above $2,500 and the 100-hourly Simple Moving Average.
Another Drop in ETH?
If Ethereum fails to surpass the $2,585 resistance level, it could potentially experience another decline. The initial support on the downside is around $2,495. If this support is broken, the next key support level to watch out for is at $2,445. A further downside break could push Ethereum’s price even lower towards the $2,380 and $2,320 levels.
Technical Indicators
The MACD for ETH/USD is currently losing momentum in the bullish zone. The RSI for ETH/USD is slightly above the 50 level.
Hot Take: Ethereum Faces Resistance at $2,585
Ethereum is currently facing resistance near the $2,540 level and the 61.8% Fib retracement level of the recent decline. To gain bullish momentum, Ethereum needs to clear the $2,550 and $2,585 resistance levels. Failure to do so may result in another drop towards key support levels.
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