Ethereum Price Attempts Recovery—Can It Break $2,500?
Ethereum prices began a new decline from the $2,550 resistance zone. ETH has dropped more than 10%, and now attempts to recover from the $2,300 region.
- Ethereum is facing an increase in areas below $2,550.
- Prices trade below $2,550 and the 100-hour simple moving average.
- On the hourly table of ETH/USD (via the Kraken feed), there is a short-term bearish trend line forming with a resistance of $2500.
- If the couple reaches $2,500 and above $2,550 and $2,550 and $2,550, then a nice move can be started.
Ethereum price dives over 10%
Ethereum price failed to clear the $2,650 resistance zone and started a new decline, e.g. Bitcoin. ETH is below the support level of $2,620 and $2,550 to enter the bearish zone.
Prices have dropped by more than 10% or even below the $2,500 support zone. The low price is $2,309 and the price is now consolidating the loss. From the swing high of $2,855 to the low of $2,309, the smaller recovery wave is above the 23.6% FIB retracement level.
Ethereum price is now trading below $2,550, and 100 hours simple moving average. In the hourly table of ETH/USD, there is also a short-term bearish trend line forming with a resistance of $2,500.
On the plus side, the price seems to face a $2,500 hurdle. The first major resistance is the level close to the $2,580 level, or the 50% FIB retracement level of the drop rate from the $2,855 swing high to the $2,309 low.
Now, the formation of the main resistor is close to $2,650. A clear action on resistors over $2,650 could shift the price to a resistor at $2,720. A rise in resistors above $2,720 could demand more gains in the upcoming meeting. In the case of statements, Ether may rise toward the $2,850 resistance zone or even $2,920 in the short term.
Another drop in ETH?
If Ethereum fails to clear the $2,580 resistance, it may drop again. The initial support for the adverse aspects is close to the $2,420 level. The first major support is located near the $2,350 area.
A clear move to support below $2,350 could push the price to support at $2,300. In the short term, more losses could shift the price to the support level of $2,200. The next key supports $2,120.
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 – $2,420
Main resistance level – $2,580
