Ethereum Price Consolidates at Support—Will It Fuel the Next Move?
Ethereum prices consolidated the $2,500 region. If ETH clears the $2700 resistance zone, ETH may gain bullish momentum.
- Ethereum’s start to drop below the $2,650 level.
- Prices trade below $2,680 and the 100-hour simple moving average.
- On the hourly table of ETH/USD (via Kraken’s feed), there is a connected bearish trend line with a resistance of $2,690.
- If the couple is over $2,700 and over $2,735, the couple can start a nice move.
Ethereum price rises
Ethereum prices start below support zones below $2,800, e.g. Bitcoin. ETH fell below the support level of $2,750 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. Finally, it found support near the $2,500 area. Now the price is merge And it seems to be forming a base above the $2500 level.
Ethereum price is now trading below the $2,680 and the 100-hour simple moving average. On the hourly chart of ETH/USD, there is also a connected bearish trend line with resistance of $2,690.
On the plus side, the price seems to be facing a $2,680 hurdle. The first major resistance is close to the $2,735 level. Now the formation of the main resistor is close to $2,800 or $2,820. A noticeable move above $2,820 resistors may shift the price to $2,920 resistors.
A rise in resistance over $2,920 could demand 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.
Is there another game?
If Ethereum fails to clear the $2700 resistor, it may drop again. The initial support for disadvantages is close to the $2,550 level. The first major support is located near the $2,520 area.
Clear actions under $2,520 support could push the price to $2,440 support, or the upward wave of the 61.8% FIB retracement level drops from the $2,125 swing to $2,922 high. In the short term, more losses could shift the price to the support level of $2,365. Next key supports $2,250.
Technical Indicators
Hourly MACD – MACD of ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI of ETH/USD is now below the 50 zone.
Main support level – $2,525
Main resistance level – $2,700
