Ethereum price started a retreat from the $2,680 resistance. ETH is now trending lower and it remains at a risk of further downsides if it fails to stay above $2,550.
- Ethereum started a fresh decline below the $2,650 level.
- The price is trading below $2,680 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $2,610 on the hourly chart of ETH/USD (data feed via Kraken).
- If the pair breaks below the $2,550 support zone, it could extend its losses.
Ethereum price shows signs of weakness
Ethereum price attempted to gain momentum and rise above the $2,680 level. However, ETH failed to continue higher and, like Bitcoin, started a fresh decline below $2,650.
There was a break below the 23.6% Fib retracement level of the upward move from the $2,514 swing low to $2,682 high. The price even slipped below the 100 hourly simple moving average. However, the bulls are now active near the $2,620 level.
Ethereum price is currently trading below $2,650 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $2,610 on the hourly chart of ETH/USD.
If there is a further increase, the price could face hurdles near the $2,650 level. The first major resistance is near the $2,680 level. A close above the $2,680 level could push Ether towards the $2,720 resistance zone. The next key resistance is near $2,720. An upside break above the $2,720 resistance zone could push the price towards the $2,880 resistance zone in the near term.
Further losses for ETH?
If Ethereum fails to overcome the resistance at $2,680, it could continue lower. The first support on the downside is near $2,620. The first key support is near the $2,600 zone or the 50% Fib retracement level of the upward move from the $2,514 swing low to $2,682 high.
A clear decline below the $2,600 support level could push the price towards $2,550, where the bulls could emerge. Any more losses could push the price towards the $2,500 support level in the near term. The next key support is at $2,440.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Key Support Level – $2,600
Main Resistance Level – $2,680
