BTC / USD
67,359.68
4.49%
(-3166.92)
ETH / USD
3,269.22
6.51%
(-227.56)
XRP / USD
0.54
10.03%
(-0.06)
LTC / USD
85.87
11.23%
(-10.86)
EOS / USD
0.89
19.97%
(-0.22)
BCH / USD
534.48
10.54%
(-62.98)
ADA / USD
0.51
11.27%
(-0.06)
XLM / USD
0.11
11.26%
(-0.01)
NEO / USD
19.74
12.95%
(-2.94)
XEM / USD
0.04
16.68%
(-0.01)
DASH / USD
31.75
15.83%
(-5.97)
USDT / USD
1.00
0.04%
(0)
BNB / USD
595.26
3.89%
(-24.08)
QTUM / USD
4.51
17.06%
(-0.93)
XVG / USD
0.01
14.97%
(-0)
ONT / USD
0.35
25.98%
(-0.12)
ZEC / USD
23.56
11.36%
(-3.02)
STEEM / USD
0.28
17.28%
(-0.06)

Why Ethereum Needs To Clear $2,650 For Hopes of a Fresh Rally

0

Ethereum extended decline below the $2,525 support zone against the US Dollar. ETH price remained bid near $2,500 and currently attempting an upside break.

  • Ethereum is still struggling to clear the $2,600 and $2,625 resistance levels.
  • The price is now trading below $2,600 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $2,580 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh decline if it fails to clear $2,625.

Ethereum Price Faces Hurdles

Ethereum started a fresh decline from well the $2,625 zone. ETH traded below the $2,550 and $2,525 support levels to move into the red zone.

The price even spiked below $2,500 and settled below the 100 hourly simple moving average. Ether price traded as low as $2,486 and recently recovered sharply. There was a clear move above the $2,525 and $2,550 resistance levels.

The bulls pumped the price above the 50% Fib retracement level of the recent decline from the $2,624 swing high to $2,486 low. It is now facing resistance near the $2,580 level.

There is also a key bearish trend line forming with resistance near $2,580 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the recent decline from the $2,624 swing high to $2,486 low.

Source: ETHUSD on TradingView.com

The first major resistance is seen near the $2,625 level. The next major resistance is near the $2,650 level. A close above the $2,650 resistance could start a steady increase. In the stated case, the price might rise towards the $2,750 level.

Fresh Decline in ETH?

If ethereum fails to start a fresh increase above the $2,625 level, it could start another decline. An initial support on the downside is near the $2,550 level.

The next major support is near the $2,500 level. A close below the $2,500 support zone could even push the price below $2,480. The next major support might be near the $2,420 level, where the bulls might take a stand. If they fail, there is a risk of a move towards the $2,350 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,500

Major Resistance Level – $2,650

Leave A Reply

Your email address will not be published.