Ethereum price corrects gains from resistance at $2,720. ETH is currently trading below $2,650 and may see deals near the $2,600 level.
- Ethereum started a downward correction from the $2,720 zone.
- The price is trading below $2,650 and the 100-hour uncomplicated moving average.
- A key bearish trend line is forming on the hourly chart of ETH/USD (data via Kraken) with resistance at $2,650.
- To start a fresh rally in the near future, the pair needs to stay above the support at $2,600.
Ethereum prices are falling again
Ethereum price extended gains and reached above $2,650. ETH even broke through the $2,700 level before the bears emerged. The high was formed at $2,728 and the price began a downward correction, just like Bitcoin.
There was a move below the $2,700 and $2,650 levels. The price was trading below the 50% Fib retracement level in an upward move from a low of $2,554 to a high of $2,728. Ethereum price is currently trading below $2,650 and the 100-hour uncomplicated moving average.
However, the price may find bids near the $2,600 level or the 76.4% Fib retracement level for an upward move from the low of $2,554 to the high of $2,728.
On the other hand, the price seems to be facing headwinds near the $2,650 level. A key bearish trend line is also forming on the ETH/USD hourly chart with resistance at $2,650. The first major resistance is near the $2,685 level. The next key resistance is around $2,720.
An upward break above the resistance at $2,720 could trigger further gains in the coming sessions. In the above case, Ether may rise towards the resistance zone at $2,840 in the near future. The next hurdle is near the $2,880 level, or $2,920.
More ETH losses?
If Ethereum does not break the resistance at $2,650, it may continue to decline. Initial downside support is near the $2,600 level. The first major support is located near the $2,550 zone.
A clear move below the support at $2,550 could push the price towards $2,520. Any further losses could push the price towards the $2,450 support level in the near future. The next key support is at $2,365.
Technical indicators
Hourly MACD – MACD for ETH/USD is gaining momentum in a bear zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Main support level – USD 2,600
Major resistance level – $2,650
