Ethereum couldn’t continue above $ 2,900 against the US dollar. ETH price corrected gains and is now trading near a large support at $ 2,640 and the 100 hour SMA.
- Ethereum broke the $ 2,850 resistance but failed to advance above $ 2,900.
- The price is now testing the $ 2,650 support and 100 hour simple moving average.
- The ETH / USD hourly chart (data feed via Kraken) broke below a major bullish trendline with support at USD 2,750.
- The pair needs to stay above the 100-hour SMA to avoid falling towards the $ 2,380 support.
Ethereum Price Reaches Major Support
Ethereum extended its recovery wave above the USD 2,800 and USD 2,850 resistance levels. ETH even surpassed the $ 2,900 level and was well above the 100-hour simple moving average.
However, it failed to gain pace above $ 2,900. The bulls made two attempts to push the price above the $ 2,920 level but failed. The recent high was formed near $ 2,912 before the price began a downward correction.
Ether corrected below the $ 2,850 and $ 2,800 support levels. There was a break below a major bullish trendline with support at USD 2,750 on the ETH / USD hourly chart. The pair even fell below the 23.6% Fib retracement level of the move up from the low of $ 2,370 to the high of $ 2,912.
Ether price is now testing the support of $ 2,650 and the 100-hour simple moving average. It is close to the 50% Fib retracement level of the move up from the low of $ 2,370 to the high of $ 2,912.
Source: ETHUSD on TradingView.com
On the upside, there is immediate resistance near the broken trendline at $ 2,800. The next major resistance is near the $ 2,900 level, above which the price may attempt to move towards the $ 3,000 resistance zone.
Further losses in ETH?
Unless Ethereum continues above the USD 2,800 and USD 2,900 resistance levels, it could prolong its decline. Initial downside support is near the $ 2,650 zone and the 100-hour SMA.
A break below the 100-hour SMA could trigger a larger decline. The next major support is near the $ 2,380 level. Further losses could push the price towards the USD 2,185 support zone.
Hourly MACD – – The MACD for ETH / USD is slowly losing pace in the bullish zone.
Hourly RSI – – The RSI for ETH / USD is currently below the 50 level.
Main support tier – $ 2,650
Main Resistance Level – $ 2,800