Ethereum Price Eyes Recovery—Can ETH Kick Off a Fresh Upside Move?
Ethereum price started a fresh decline and tested the $2,450 zone. ETH is now correcting losses and might aim for a move above the $2,620 resistance.
- Ethereum started a fresh decline below the $2,750 level.
- The price is trading near $2,575 and the 100-hourly Simple Moving Average.
- There was a break above a contracting triangle with resistance at $2,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $2,620 zone in the near term.
Ethereum Price Corrects Losses
Ethereum price started a fresh decline below the $2,750 and $2,620 levels, like Bitcoin. ETH price even traded below the $2,500 level and tested $2,440.
A low was formed at $2,441 and the price recently started a recovery wave. There was a move above the $2,500 and $2,520 levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $2,880 swing high to the $2,441 low.
Besides, there was a break above a contracting triangle with resistance at $2,550 on the hourly chart of ETH/USD. Ethereum price is now trading near $2,575 and the 100-hourly Simple Moving Average.
On the upside, the price could face resistance near the $2,585 level. The next key resistance is near the $2,620 level. The first major resistance is near the $2,660 level. It is near the 50% Fib retracement level of the downward move from the $2,880 swing high to the $2,441 low.
A clear move above the $2,660 resistance might send the price toward the $2,720 resistance. An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,800 resistance zone or even $2,880 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,620 resistance, it could start a fresh decline. Initial support on the downside is near the $2,540 level. The first major support sits near the $2,500 zone.
A clear move below the $2,500 support might push the price toward the $2,440 support. Any more losses might send the price toward the $2,420 support level in the near term. The next key support sits at $2,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,500
Major Resistance Level – $2,620
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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