Ethereum price struggled to continue higher above the $2,750 resistance and corrected gains. ETH is now struggling to start a fresh increase above $2,650.
- Ethereum started a downside correction below the $2,650 support.
- The price is trading below $2,650 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $2,620 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $2,650 and $2,680 resistance levels.
Ethereum Price Starts Consolidation
Ethereum price started a downside correction from the $2,750 resistance like Bitcoin. ETH traded below the $2,700 and $2,650 support levels to enter a short-term bearish zone.
The price traded as low as $2,605 and is currently consolidating losses. There was a minor increase above the $2,620 level. The price traded close to the 23.6% Fib retracement level of the downward move from the $2,757 swing high to the $2,605 low.
More Downsides In ETH?
If Ethereum fails to clear the $2,650 resistance, it could start another decline. Initial support on the downside is near the $2,600 level. The first major support sits near the $2,550 zone. A clear move below the $2,550 support might push the price toward $2,500. Any more losses might send the price toward the $2,440 support level in the near term. The next key support sits at $2,420. Technical IndicatorsHourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,600 Major Resistance Level – $2,650