1 October 2024
Ethereum price is correcting gains below the $2,650 resistance. ETH is now trading near the $2,600 support and might face many hurdles.
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
Ethereum price struggled to stay above the $2,700 level. ETH started a downside correction below the $2,650 support level like Bitcoin. There was also a move below the $2,600 level.
A low was formed near $2,575 and the price is now consolidating losses. There was a minor increase above the $2,600 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,672 swing high to the $2,575 low.
Ethereum price is now trading below $2,640 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,625 level. There is also a key bearish trend line forming with resistance at $2,630 on the hourly chart of ETH/USD.
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.
An upside break above the $2,665 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,700 resistance zone in the near term. The next hurdle sits near the $2,720 level or $2,800.
More Losses In ETH?
If Ethereum fails to clear the $2,630 resistance, it could continue to move down. Initial support on the downside is near the $2,600 level. The first major support sits near the $2,550 zone.
A clear move below the $2,550 support might push the price toward $2,500. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits 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