Ethereum Price Faces Headwinds: Can Bulls Regain Control?
Ethereum prices are trying to recover from the $2,500 region. If ETH clears the $2,740 resistance zone, ETH may gain bullish momentum.
- Ethereum began to decline at a level below $2,700.
- Prices below $2,700 and the simple moving average of 100 hours.
- On the hourly chart of ETH/USD (via Kraken feed), there is a connected bearish trend line with a resistance of $2,700.
- If the couple is over $2,700 and over $2,740, the couple may start a nice move.
Ethereum price rises
Ethereum price failed to clear the $2,920 resistor, and started a new decline, e.g. Bitcoin. ETH fell below the support level of $2,800 and $2,700 to enter the short-term bearish zone.
Prices fell and tested the upward wave’s 50% FIB retracement level, falling from a swing of $2,125 to a high price of $2,922. The bull appears near the $2,525 area. Prices are now being higher and trying to bring new growth above the $2,600 level.
Ethereum prices are now trading for less than $2,700 100 hours simple moving average. On the hourly chart of ETH/USD, there is also a connected bearish trend line with a resistance of $2,700.
On the plus side, the price seems to face a $2,700 hurdle. The first major resistance is close to the $2,740 level. Now the formation of the main resistor is close to $2,850 or $2,910. A clear action on resistors over $2,910 could shift the price to a resistor at $2,950.
A rising breakthrough in resistors over $2,950 could require more gains in the upcoming meeting. In the case of statements, ether may rise toward the $3,000 resistance zone or even $3,050 in the short term.
Another drop in ETH?
If Ethereum fails to clear the $2700 resistor, it may drop again. The initial support for the adverse aspects is close to the $2,600 level. The first major support is located near the $2,525 area.
Clear actions under $2,525 support could push the price toward $2,440 support, or the upward wave of 61.8% FIB retracement level dropped from the $2,125 swing to $2,922 high. In the short term, more losses could shift the price to the support level of $2,350. The next key supports $2,240.
Technical Indicators
Hourly MACD – MACD of ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI of ETH/USD is now above the 50 area.
Main support level – $2,525
Main resistance level – $2,700
