The price of Ethereum has continued to rise past the $2,500 mark. Currently, ETH is undergoing a correction and may find support around the $2,400 area.
- Ethereum began a downward correction from the $2,520 region.
- The price is trading under $2,450 and below the 100-hour Simple Moving Average.
- A significant bullish trend line support at $2,450 was breached on the hourly ETH/USD chart (data feed via Kraken).
- The pair needs to hold above the support level at $2,400 for a possible rebound in the near future.
Ethereum Price Adjusts Gains
The price of Ethereum has progressed above the $2,400 mark. ETH managed to surpass the $2,450 resistance, also entering a favorable position similar to Bitcoin. The price jumped past the $2,500 resistance area.
Nonetheless, selling pressure emerged above $2,500. A peak was reached at $2,519, after which the price began to correct downward. It slipped below the $2,450 support level, crossing underneath the 23.6% Fibonacci retracement level of the upward move from the $2,311 swing low to the $2,519 high.
Additionally, a break occurred below a significant bullish trend line with support at $2,450 on the ETH/USD hourly chart. Ethereum is now trading beneath $2,450 and the 100-hour Simple Moving Average.
On the positive side, bulls are defending the 50% Fibonacci retracement level of the upward movement from the $2,311 swing low to the $2,519 peak. Resistance appears to be forming around $2,450. A decisive break above this resistance could push the price towards the $2,500 resistance level.
A successful breakout above the $2,500 resistance could indicate further gains in upcoming sessions. In such a scenario, Ether might climb towards the $2,580 resistance area in the near term, with the next resistance hurdles positioned near the $2,650 or $2,665 levels.
Potential Further Declines for ETH?
If Ethereum is unable to surpass the $2,450 resistance, it may initiate another downward trend. Initial downside support is located around the $2,420 mark, while the first major support level is close to the $2,400 zone.
A clear drop below the $2,400 support could drive the price towards $2,320. Further losses might take the price down to the $2,250 support level in the near future, with the next critical support at $2,120.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing bullish momentum.
Hourly RSI – The RSI for ETH/USD has slipped below the 50 line.
Major Support Level – $2,400
Major Resistance Level – $2,450
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