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Ethereum prices began a new decline and tested the $2,450 region. ETH is now correcting the losses and may aim to exceed $2,620 in resistance.
- Ethereum’s start to drop below the $2,750 level.
- The price is trading close to $2,575, while the 100-hour simple moving average.
- On the hourly chart of ATH/USD (via Kraken’s feed), there is a breakthrough above the resistant contract triangle.
- If the $2,620 area is cleared in the short term, the couple can start new growth.
Ethereum price corrects losses
Ethereum’s price began to fall below the $2,750 and $2,620 levels, such as Bitcoin. The ETH price even traded below the $2,500 level and tested $2,440.
The low price is $2,441, and the price has recently begun a wave of recovery. Transfers over $2,500 and $2,520 levels. Prices exceeded the 23.6% FIB retracement level, from a swing of $2,880 to a low of $2,441.
In addition, on the ETH/USD hourly table, there is a breakthrough above the resistant contract triangle. Ethereum price is now trading close to $2,575 and a simple moving average of 100 hours.
On the plus side, the price could face resistance at the $2,585 level. The next key resistance is close to the $2,620 level. The first major resistance is close to the $2,660 level. It is close to a 50% FIB retracement level from a swing high of $2,880 to a low of $2,441.
A noticeable move to resistors above $2,660 could shift the price to resistors at $2,720. A rise in resistors above $2,720 could demand more gains in the upcoming meeting. In the case of statements, Ether may rise toward the $2,800 resistance zone or even $2,880 in the short term.
Another drop in ETH?
If Ethereum fails to clear the $2,620 resistor, a new drop may begin. The initial support for disadvantages is close to the $2,540 level. The first major support is located near the $2500 area.
A clear move to support below $2,500 could push the price to $2,440 support. In the short term, more losses could shift the price to the support level of $2,420. Next key supports $2,350.
Technical Indicators
Hourly MACD – MACD of ETH/USD is gaining momentum in bullish regions.
Hourly RSI – The RSI of ETH/USD is now above the 50 area.
Main support level – $2,500
Main resistance level – $2,620
