The cost of Ethereum is currently pulling back from its highs at around $2,650, a level that has acted as resistance. At present, Ethereum’s price hovers close to the $2,600 level, which may serve as support, but could potentially encounter several obstacles along the way.
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Ethereum started a downside correction below the $2,650 zone.
The price is trading below $2,620 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $2,630 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $2,550 support to start a fresh increase in the near term.
Ethereum Price Takes Hit
The Ethereum cost had difficulty holding above the $2,700 threshold, mirroring Bitcoin‘s decline. Similar to Bitcoin, ETH saw a dip in value after falling beneath the $2,650 support point, and it also dropped below the $2,600 level.
The price dipped close to $2,575 and is currently holding steady after a brief period of decline. There was a small uptick above the $2,600 mark. The value has risen slightly above the 23.6% Fibonacci retracement point of the fall from the peak at $2,672 to the trough at $2,575.
Currently, Ethereum’s price is trading below $2640 and its 100-hour moving average. As it attempts to rise, there appear to be obstacles around the $2625 mark. Additionally, a significant bearish trend line is forming on the hourly ETH/USD chart, with resistance at approximately $2630.
The trend line is close to the 50% Fib retracement level of the downward move from the $2,672 swing high to the $2,575 low. The first major resistance is near the $2,650 level. The next key resistance is near $2,665.
If Ether manages to break above its current resistance at $2,665, we might expect further increases in the upcoming trading periods. Under these circumstances, it could potentially move towards the resistance area around $2,700 in the short term. The next potential challenges for Ethereum are expected near $2,720 or $2,800 levels.
More Losses In ETH?
If Ethereum doesn’t manage to break through the $2,630 barrier, it might keep falling. A potential initial floor could be at $2,600, and a significant support level may be found around $2,550.
If the price falls significantly below the $2,550 resistance point, it could potentially drop to around $2,500. Further declines might lead to the $2,450 support level in the immediate future. A crucial lower support can be found at $2,320.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,575
Major Resistance Level – $2,630
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2024-10-01 06:41