Ethereum failed to surpass $2,600 and started a fresh decline against the US Dollar. ETH price is holding the $2,400 support, but it is likely to face sellers near $2,550.
Ethereum made two attempts to gain strength above $2,625, but failed.
The price is now trading well below $2,550 and the 100 hourly simple moving average.
There was a break below a key rising channel with support near $2,520 on the hourly chart of ETH/USD (data feed via Kraken).
The pair mut stay above $2,400 to avoid more downsides in the near term.
Ethereum Price Trims Gains
Ethereum climbed above the $2,550 and $2,580 resistance levels. However, ETH failed to gain strength above $2,620, resulting in a bearish reaction.
There was a break below the $2,580 and $2,550 support levels. Besides, there a break below a key rising channel with support near $2,520 on the hourly chart of ETH/USD. The pair settled below the $2,550 support and the 100 hourly simple moving average.
Ether even declined below the 50% Fib retracement level of the of the upward move from the $2,313 low to $2,626 high. It tested the $2,420 support zone.
It seems like the 61.8% Fib retracement level of the of the upward move from the $2,313 low to $2,626 high is acting as a support. Ether is now recovering, but it is likely to face resistance near $2,520. The first major resistance is near the $2,550 level and the 100 hourly simple moving average.
The next key resistance is near the $2,620 level, above which the price might climb higher towards the $2,720 level in the near term. The main hurdle for a larger increase is now at $2,800.
If Ethereum fails to clear the $2,520 and $2,550 resistance levels, it could continue to move down. An initial support on the downside is near the $2,420 level.
The first major support is near the $2,400 level and the recent low. A downside break below the $2,400 support zone could lead the price towards the $2,350 support. Any more losses could possibly call for a test of the $2,310 support in the coming sessions.
Source:newsbtc.com
Coin | Change(%) | Price | Volume (24h) |
---|---|---|---|
Bitcoin (BTC) | 3.71 | $72,084.86 | $45.5B |
Ethereum (ETH) | 3.43 | $4,038.91 | $20.8B |
XRP (XRP) | 18.52 | $0.727106 | $4.4B |
Solana (SOL) | 1.58 | $147.242060 | $3.8B |
Binance Coin (BNB) | -2.22 | $519.52 | $3.0B |
USD Coin (USDC) | 0.03 | $0.999697 | $2.4B |
Dogecoin (DOGE) | 0.96 | $0.174374 | $2.1B |
Shiba Inu (SHIB) | -2.92 | $0.000033 | $1.7B |
Floki Inu (FLOKI) | -7.67 | $0.000267 | $1.3B |
Avalanche (AVAX) | 13.16 | $47.596296 | $1.2B |