Ethereum Consolidates Near $2.7K – Daily Technical Outlook
Ethereum has continued to fall below the $2,500 support level versus the US dollar. The price of ETH is recovering, but it has to break
Ethereum has continued to fall below the $2,500 support level versus the US dollar. The price of ETH is recovering, but it has to break through $2,680 to begin a sustained rise.
Ethereum’s Price is Under Pressure
Ethereum has been in a bearish zone below $2,650. ETH/USD even continued to fall below the $2,500 support level, eventually settling below the 100 hourly simple moving average.
A bottom near $2,445 was formed, and the price is gradually correcting losses. The price has risen above the $2,500 resistance mark. The price of Ether even surpassed the 50 percent Fib retracement level of the latest drop from the $2,648 swing high to the $2,445 low.
The bears, on the other hand, remained active around the $2,570 mark. It is close to the 61.8 percent Fib retracement level of the latest slide from the swing high of $2,648 to the low of $2,445.
The first significant resistance is located near the $2,600 level (the recent breakdown zone). On the hourly chart of ETH/USD, a strong negative trend line is developing with resistance near $2,600. The next significant resistance level could be near the 100 hourly simple moving average and $2,680.
A closing above the 100 hourly SMA, followed by $2,680, might signal the start of a persistent rise. In the aforementioned example, the price may rise to $2,800 or even $2,880.
More Drawbacks in ETH?
If Ethereum does not begin a new upward trend above $2,600, it may begin a new downward trend. On the downside, initial support is near the $2,500 mark.
The next key support is near the $2,445 level, below which the price may begin to decline. In the aforementioned scenario, the price of Ether could fall towards the $2,400 support level. Any further losses may necessitate a move towards the $2,300 level in the near term. Good luck!
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