Ethereum price is correcting gains from the $2,820 resistance. ETH could start another increase unless there is a close below the $2,645 support.
- Ethereum is correcting gains below the $2,780 and $2,750 levels.
- The price is trading below $2,720 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $2,740 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could find bids near the $2,650 and $2,645 levels.
Ethereum Price Starts Downside Correction
Ethereum price extended its increase above the $2,750 resistance level. ETH even climbed above $2,800 before the bears appeared. A high was formed at $2,820 and the price started a downside correction like Bitcoin.
There was a move below the $2,780 level. The price declined below the 50% Fib retracement level of the upward wave from the $2,535 swing low to the $2,820 high. Besides, there was a break below a key bullish trend line with support at $2,740 on the hourly chart of ETH/USD.More Downsides In ETH?
If Ethereum fails to clear the $2,740 resistance, it could continue to move down. Initial support on the downside is near $2,645. The first major support sits near the $2,600 zone.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.
Major Support Level – $2,645 Major Resistance Level – $2,740