Ethereum has started to rise back from the $2,470 area. ETH is currently facing resistance near $2,650 and $2,660.

  • Ethereum has started to rise back above $2,500.

  • The price is trading above $2,500 and the 100-hour simple moving average.

  • There is a break below the short-term uptrend channel with support at $2,580 on the hourly chart of ETH/USD (data from Kraken).

  • This pair could continue to decline if trading below the support area of $2,545 in the near future.

The price of Ethereum faces resistance

The price of Ethereum has started a significant recovery from the $2,470 region, outperforming Bitcoin. The price of ETH has been able to break through the resistance levels of $2,500 and $2,540.

The price has surpassed the 50% Fibonacci retracement level of the downward move from the high of $2,788 to the low of $2,470. However, the bears seem to be active below the resistance area of $2,660. The price has continued to decline below the $2,600 level.

There is a break below the short-term uptrend channel with support at $2,580 on the hourly chart of ETH/USD. The price of Ethereum is currently trading above $2,540 and the 100-hour simple moving average.

On the positive side, the price may encounter resistance near the level of $2,620. The next important resistance level is near $2,650. The first major resistance is near the level of $2,660. It is close to the 61.8% Fibonacci retracement of the downward move from the high of $2,788 to the low of $2,470.

A clear move above the resistance level of $2,660 could push the price up to the resistance level of $2,720. A break above the resistance level of $2,720 could lead to more gains in the upcoming sessions. In that case, Ether could rise to the resistance area of $2,780 or even $2,880 in the near future.

Is there any additional loss in ETH?

If Ethereum fails to break through the resistance level of $2,660, it may begin a new decline. Initial support at the drop is near the level of $2,545. The first major support is close to the $2,500 area.

A clear move below the support level of $2,500 could push the price down to the support level of $2,470. Any further losses could push the price down to the support level of $2,420 in the near future. The next key support level is at $2,350.

Technical indicators

Hourly MACD – The MACD for ETH/USD is accelerating in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently near the 50 area.

Key support – $2,545

Key resistance – $2,660