Ethereum’s value is now below $2,600 compared to the US dollar. The ETH price needs to rise between $2,6002 and $2,620 in order for a substantial increase in the short term.
- Ethereum still struggles to overcome the resistances of $2,600, $2,620, and $2,600.
- The current price trades below $2,600.
- On the hourly chart for ETH/USD, there is a large contracting triangle with resistance at $2,590 (data feed via Kraken).
- To maintain a steady rise in sessions, the pair should gain strength over $2620
Ethereum Price Nears Breakout
Ethereum was still below the $2,600 resistance level and $2,620 support levels. However, ETH also saw a strong bid at the $2,500 level.
Before the recent low, it was close to $2,595 and then fell below $2.550. It was trading as low as $2.538, and it is now consolidating losses. It currently trades below the $2,600 level and the simple moving average of 100 hours. The $2,565 mark is the immediate resistance.
Near the $2.565 level is the 50% Fib level. This level corresponds to the decline from $2,595 swing high, which was $2,595 swing low. On the hourly chart of USD/ETH, there’s a significant contracting triangle with resistance at $2,590.
The 100-hourly simple moving average and $2,575 are the intermediate resistances. This is within the range of the 61.8% Fib Retracement Level for the decline from $2,595 swing high, to $2,538 lowest.
Source: TradingView.com ETHUSD
To begin a steady rise, Ether must cross the resistances of $2,575 or $2,600. The immediate barrier is $2,620. Above which bulls could aim for a significant increase.
New Decline in the ETH
If the $2,600 mark is not reached, ethereum could begin a new decline. Support for the downside lies near the $2540 level.
Next major support will be at the $2,500 mark. The bulls could feel a lot more pressure if they close below $2,500. Near the $2420 level is the next support level. Below which, there’s a possibility of a movement towards the $2350 level over the following days.
Technical indicators
Minutely MACD – In the bullish zone, the MACD is losing momentum for USD/ETH.
Hourly RSI – The RSI is at 50 for Ethereum/USD.
Major Support Level – $2,500
Major Resistance Level – $2,620
