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Ethereum prices start to fall below the $2,550 region. ETH now shows several bearish signs of below the pivot level of $2500.
- Ethereum started to decline at a level below $2,550.
- The price is trading above $2500, while the 100-hour simple moving average.
- There is a break below the key uptrend, and on the hourly chart of ETH/USD (via Kraken feed), the support is $2,610.
- If the couple trades below the $2,400 support zone in the short term, the loss of the couple could prolong the loss.
Ethereum price consolidates losses
Ethereum’s price began to drop after failing to exceed $2,650 (such as Bitcoin). ETH price fell below the support levels of $2,565 and $2,550.
Additionally, on the hourly chart of ETH/USD, there is a breakout below the key upward channel and supports it at $2,610. The two are even below the $2,500 support level. The low price is $2,394 and the current price is consolidating the loss.
Ethereum prices are now trading below $2,500, and so is the simple moving average of 100 hours. On the plus side, the price could face resistance at the $2,460 level. It approaches a 23.6% FIB retracement level from the $2,680 swing high to the $2,394 low.
The next key resistance is close to the $2,500 level. The first major resistance is close to the $2,540 level. It is close to the 50% FIB retracement level from the swing high of $2,680 to the low of $2,394. A noticeable move above $2,540 resistors could shift the price to $2,600 resistors.
An upside breakout for resistors over $2,600 could require more gains in the upcoming meeting. In the case of statements, Ether may rise toward the $2,650 resistance zone or even $2,720 in the short term.
More losses from 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 $2,380 area.
A clear move to support below $2,380 could push the price to $2,350 support. In the short term, more losses could shift the price to the support level of $2,320. Next key supports $2,250.
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 zone.
Main support level – $2,320
Main resistance level – $2,500
