Ethereum price is correcting gains from the $2,720 resistance. ETH is now trading below $2,650 and might find bids near the $2,600 level.
- Ethereum started a downside correction from the $2,720 zone.
- The price is trading below $2,650 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $2,650 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above the $2,600 support to start a fresh increase in the near term.
Ethereum Price Dips Again
Ethereum price extended gains and traded above the $2,650 level. ETH even cleared the $2,700 level before the bears appeared. A high was formed at $2,728 and the price started a downside correction like Bitcoin.
There was a move below the $2,700 and $2,650 levels. The price traded below the 50% Fib retracement level of the upward move from the $2,554 swing low to the $2,728 high. Ethereum price is now trading below $2,650 and the 100-hourly Simple Moving Average.
More Losses In ETH?
If Ethereum fails to clear the $2,650 resistance, it could continue to move down. Initial support on the downside is near the $2,600 level. The first major support sits near the $2,550 zone. A clear move below the $2,550 support might push the price toward $2,520. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,365. Technical IndicatorsHourly 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 – $2,600 Major Resistance Level – $2,650