Ethereum prices have begun a new decline below the $2,600 zone. ETH is currently consolidating losses and could try to recover beyond the $2,550 resistance.
- Ethereum has begun a new decline below the $2,580 level.
- The price is below $2,550 and trades a simple moving average of 100 hours.
- The ETH/USD hourly wage chart (data feed via Kraken) has an ascending channel with $2,490 support.
- The pair could begin to start a new increase once they settle beyond the $2,620 resistance zone in the short term.
Ethereum price eye upside down
Ethereum prices have started a new decline, like Bitcoin, below the $2,600 support level. ETH prices fell below the $2,550 and $2,540 levels.
The Bears have pushed prices below the 2,500 level. The pair tested the $2,450 zone and began the integration phase. There were small movements above the $2,520 level. Prices rose above the 23.6% FIB retracement level, from the $2,680 Swing High to the $2,456 low.
Ethereum prices are currently below $2,540, trading a simple 100-hour moving average. What’s more, there’s an upward channel with $2,490 support on the ETH/USD hourly wage chart.
The advantage is that the price could face resistance close to the $2,540 level. The next important resistance is close to the $2,565 level. This is close to the 50% FIB retracement level of downward movement, from a Swing High of $2,680 to a low of $2,456. The first major resistance is close to the $2,620 level.
A clear move above the $2,620 resistance could turn the price towards the $2,660 resistance. An upward break above the $2,660 resistance could require more profits in future sessions. If stated, ether could rise towards a resistance zone of $2,720, and even in the short term, $2,800.
More losses in ETH?
If Ethereum fails to clear the $2,565 resistance, it could begin a new decline. The initial support for the downside is close to the $2,490 level. The first major support is near the $2,455 zone.
A clear move below the $2,455 support could push the price up to $2,360 support. Any further losses could send prices towards a support level of $2,320 in the short term. The following key support is $2,250:
Technical indicators
Timely MACD – ETH/USD’s MACD is losing momentum in the bear zone.
Hourly RSI – ETH/USD’s RSI is over 50 zones.
Key Support Levels – $2,455
Major Resistance Levels – $2,565
