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Ethereum price corrected the earnings and tested the $2,320 region. ETH is now struggling and may tilt towards the $2,220 support zone.
- Ethereum started to make corrections from the $2,580 region and tested $2,320.
- Prices below $2,500 and a simple moving average of 100 hours.
- On the hourly table of ETH/USD (via Kraken’s feed), there is a connected bearish trend line with a resistance of $2,540.
- The two cleared the $2,550 resistor in a short period of time to get strength.
Ethereum prices fall again
Unlike Bitcoin, Ethereum’s price effort cleared the $2,520 resistor and began a downside correction. ETH trades below the $2,500 and $2,440 support levels.
The Bears were able to raise the price below the 50% FIB retracement level, from a swing of $2,308 to a high price of $2,509. Prices are even below the $2,440 level, but the Bulls are active near the $2,400 area.
Prices are moving from a Swing LOW of $2,308 to a highly moving 61.8% FIB retracement level above the 61.8% FIB retracement level. Ethereum prices are now trading below $2,450, and so is the simple moving average of 100 hours. On the hourly chart of ETH/USD, there is also a connected bearish trend line with a resistance of $2,540.
If there is another rise, the price could face resistance at the $2,460 level. The next key resistance is close to the $2,500 level. The first major resistance is the level close to the $2,550 level and trend line. A noticeable move above $2,550 resistors may shift the price to $2,580 resistors.
An upside breakout for resistors over $2,580 could require more gains in the upcoming meeting. In the case of statements, Ether may rise toward the $2,700 resistance zone or even $2,780 in the short term.
Another drop in ETH?
If Ethereum fails to clear the $2500 resistor, a new drop may begin. The initial support on the downside is close to the $2,400 level. The first major support is located near the $2,350 area.
A clear move to support below $2,350 could push the price toward support of $2,320. In the short term, more losses may send the price to the $2,220 support level. The next key supports $2,120.
Technical Indicators
Hourly MACD – MACD of ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI of ETH/USD is now below the 50 area.
Main support level – $2,400
Main resistance level – $2,500
