Ethereum prices began a new decline, testing the $2,450 zone. ETH is currently correcting the losses and may be aiming to move beyond the $2,620 resistance.
- Ethereum has begun a new decline below the $2,750 level.
- It costs nearly $2,575 and trades a simple 100-hour moving average.
- On the ETH/USD hourly wage chart (data feed via Kraken), there was a break above the contract triangle with $2,550 resistance.
- The pair could begin a new increase if they clear the $2,620 zone in the short term.
Ethereum Price Corrects Losses
Ethereum prices have now fallen newly below the $2,750 and $2,620 levels, like Bitcoin. ETH prices were traded below the $2,500 level and tested at $2,440.
The lowest was formed at $2,441, and prices have recently begun a recovery wave. There was a move above the $2,500 and $2,520 levels. Prices surpassed the 23.6% FIB retracement level from the $2,880 Swing High to a low of $2,441.
What’s more, there was a break above a contract triangle with $2,550 resistance on the ETH/USD hourly wage chart. Ethereum prices are currently trading near a simple moving average of $2,575 and 100 hours.
The advantage is that the price could face resistance close to the $2,585 level. The next important resistance is close to the $2,620 level. The first major resistance is close to the $2,660 level. This is close to the 50% FIB retracement level of downward movements from a swing high of $2,880 to a low of $2,441.
A clear move above the $2,660 resistance could turn the price towards the $2,720 resistance. An upward break above the $2,720 resistance could require more profits in future sessions. If stated, ether could rise towards a $2,800 resistance zone, or even $2,880 in the short term.
Another reduction in ETH?
If Ethereum fails to clear the $2,620 resistance, it could begin a new decline. The initial support for the downside is close to the $2,540 level. The first major support is near the $2,500 zone.
A clear move below $2,500 support could push the price up to $2,440 support. Any further losses could send prices towards a support level of $2,420 in the short term. The following key support is $2,350.
Technical indicators
Timely MACD – ETH/USD’s MACD is gaining momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI is over 50 zones.
Key Support Levels – $2,500
Major Resistance Levels – $2,620
