Ethereum price corrected gains and tested the $2,400 support. ETH is now consolidating and might aim for a fresh increase above the $2,465 resistance.
- Ethereum started a downside correction below the $2,500 zone.
- The price is trading just above $2,430 and the 100-hourly Simple Moving Average.
- There is a short-term rising channel forming with support at $2,420 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above the $2,400 support level to start another increase in the near term.
Ethereum Price Holds Support
Ethereum price failed to extend gains above the $2,500 resistance zone. ETH started a downside correction like Bitcoin and traded below the $2,465 support zone.
There was also a move below the $2,420 level. The price tested the 50% Fib retracement level of the upward wave from the $2,310 swing low to the $2,519 high. It seems like the bulls are now protecting more downsides below the $2,400 support level.
Ethereum price is now trading just above $2,430 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,465 level. There is also a short-term rising channel forming with support at $2,420 on the hourly chart of ETH/USD.
A clear move above the $2,465 resistance might send the price toward the $2,500 resistance. An upside break above the $2,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,600 resistance zone in the near term. The next hurdle sits near the $2,650 level or $2,665.
More Losses In ETH?
If Ethereum fails to clear the $2,465 resistance, it could start another decline. Initial support on the downside is near the $2,420 level. The first major support sits near the $2,390 zone or the 61.8% Fib retracement level of the upward wave from the $2,310 swing low to the $2,519 high.
A clear move below the $2,390 support might push the price toward $2,325. Any more losses might send the price toward the $2,240 support level in the near term. The next key support sits at $2,120.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,390
Major Resistance Level – $2,465
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.