Ethereum price sees short-term correction – Health dip or warning sign?
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Ethereum prices start to be above the $2,750 region. ETH is now correcting the earnings and may test the $2,680 support zone.
- Ethereum started above the $2,800 level.
- Prices trade above the $2,750 and the 100-hour simple moving average.
- Below the key bullish trend line is a breakout, with support at $2,800 on the hourly table of ETH/USD (via Kraken’s feed).
- If it stays above $2,680 support in the near term, the couple may start new growth.
Ethereum price correction profit
Ethereum price approached Bitcoin at the $2,550 level, and it began a new rise. ETH Price is able to clear resistance levels of $2,650 and $2,720.
The Bulls pushed the price up by $2,800. ETH is even over $2,850. The high price was established at $2,880 and the current price is correcting the profit. From the $2,483 swing to a height of $2,880, the upward moving FIB retracement level is below the 23.6% FIB retracement level.
Additionally, on the hourly chart of ETH/USD, there is a breakout below the key bullish trend line, supporting $2,800. Ethereum prices are now trading above $2,750, and so is the simple moving average of 100 hours.
On the plus side, the price could face resistance at the $2,800 level. The next key resistance is close to the $2,840 level. The first major resistance is close to the $2,880 level. A noticeable move to resistors above $2,880 could shift the price to resistors at $2,920.
A rise in resistance over $2,920 could demand more gains in the upcoming meeting. In the case of statements, ether could rise toward the $3,000 resistance zone or even $3,120 in the short term.
More losses from ETH?
If Ethereum fails to clear the $2,820 resistor, a new drop may begin. The initial support for disadvantages is close to $2,755. The first major support is located near the $2,680 area, while the 50% FIB retracement level dropped from the $2,483 swing to $2,880 high.
A clear move to support below $2,680 could push the price toward support of $2,620. In the near term, more losses could shift the price to the support level of $2,550. Next key supports $2,500.
Technical Indicators
Hourly MACD – MACD of ETH/USD is losing momentum in bullish areas.
Hourly RSI – The RSI of ETH/USD is now below the 50 zone.
Main support level – $2,680
Main resistance level – $2,880
