Ethereum was unable to exceed $2,780. The US Dollar corrected lower. To see a new increase, the ETH price should remain above $2570.
- Ethereum failed to surpass the $2780 mark and had to correct its gains.
- The 100 hourly moving average and price are now below $2,650
- The hourly chart for ETH/USD showed a breaking below the key bullish trendline with support at $2,660 (data feed via Kraken).
- It could fall further if the price of one pair drops below $2570 or $2550.
Ethereum’s Price Drops
Ethereum’s increase surpassed the $2,000.00 level. ETH cleared the $2750 resistance level but faced strong resistance at $2,780.
The price reached a high of $2,775 before it began a downward correction. A break was seen below the $2700 and $2650 levels. Ether settled below the 2700 and 2650 levels. Below the 50% Fib level of the upward swing from the $2.445 swing low, to the $2.775 high, the price fell.
On the hourly chart, ETH/USD showed a breakout below a bullish trend line that has support close to $2,660. Now, the pair is nearing the $2570 support level. It’s now close to the 61.8% Fib level of the upward swing from $2.445 swing low, $2.775 high.
The potential for a further increase in ether prices if they stay above the $2570 level. Surprisingly, the first resistance to the ether price is located near the $2620 mark.
Source: TradingView.com, ETHUSD
It is located near the $2650 level, and the 100 hourly simple movement average. This marks the beginning of major resistance. Next is the $2780 level. Prices could accelerate higher above this point. If the previous scenario is true, then the price may rise to $2,880.
Are There More Losses in Ethereum?
If the $2650 level is not reached, ethereum could move lower. Initial support is at the $2570 level.
Next major support will be at the $2550 level. The price could drop further if it falls below the $2570 or $2550 support levels. If the previous scenario is true, then the price may drop as low as $2,565.
Indicators of technical importance
Minutely MACD – Now, the MACD of ETH/USD has been moving in the bearish area.
Hourly RSI – The current RSI level for USD/ETH is below 50.
Major Support Level – $2,570
Major Resistance Level – $2,650
