Ethereum Price Experiences Slight Pullback — Key Support Levels Under Observation
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Ethereum has begun a new downturn after hitting the $2,780 resistance level. Currently, ETH is trading below $2,650 and may continue its downward trend.
- Ethereum initiated a downward correction below the $2,700 mark.
- The price is currently below $2,650 and the 100-hour Simple Moving Average.
- A significant trend line has broken below the bullish support at $2,625 on the hourly chart for ETH/USD.
- Further losses could occur if the price dips below the $2,550 support threshold in the near future.
Recent Decline in Ethereum Price
Ethereum’s price initially rose from the $2,550 support area, outpacing Bitcoin. ETH managed to exceed the $2,650 and $2,750 resistance thresholds before facing bearish pressure.
A peak was established at $2,787, but the price is currently adjusting downwards. It dipped below the $2,700 support level and below the 50% Fibonacci retracement of the rally from $2,463 to $2,787.
Ethereum is trading beneath $2,650 and the 100-hourly Simple Moving Average. Additionally, it broke below a significant bullish trend line that had support at $2,625 on the hourly ETH/USD chart.
On the upside, the price may encounter resistance around the $2,625 level. The next key resistance lies near $2,650, with a primary resistance point at around $2,720. A definitive move above $2,720 could propel the price towards the $2,780 resistance level.
If Ethereum can break above the $2,780 barrier, additional gains may be expected in the upcoming sessions, potentially reaching the $2,880 resistance area or even $2,950 shortly thereafter.
Potential Further Losses for ETH?
Should Ethereum struggle to surpass the $2,650 resistance, it might initiate a fresh decline. Immediate support on the downside is situated around the $2,600 mark, with the first significant support located near the $2,550 region. This level is in proximity to the 76.4% Fibonacci retracement of the climb from the $2,463 swing low to the $2,787 high.
A decisive move below the $2,550 support may drive the price closer to the $2,500 mark. Any additional losses could see the price gravitating towards the $2,440 support level in the short term, with the next critical support at $2,400.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is increasing in negative momentum.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,550
Major Resistance Level – $2,650
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