Ethereum* price starts a new round of increase from the $2,470 area. Currently, ETH* faces resistance near $2,650 and $2,660.
Ethereum begins to rise again, breaking the $2,500 mark.
Price trading above $2,500 and the 100-hour simple moving average.
On the ETH/USD hourly chart (data provided by Kraken), it broke below the short-term rising channel, with support at $2,580.
If the currency pair falls below the support level of $2,545 in the short term, the decline may expand.
Ethereum price faces resistance
Ethereum price starts a strong rebound from the $2,470 area, surpassing Bitcoin+. ETH price successfully broke above the resistance levels of $2,500 and $2,540.
The price broke above the 50% Fibonacci retracement level from the $2,788 high to the $2,470 low. However, bears seem active below the $2,660 resistance level. The price fell below the $2,600 level again.
On the ETH/USD hourly chart, Ethereum price broke below the short-term rising channel, with support at $2,580. Currently, Ethereum price is above $2,540 and the 100-hour simple moving average.
On the upside, the price may face resistance near $2,620. The next key resistance level is around $2,650. The first major resistance level is around $2,660. This level is close to the 61.8% Fibonacci retracement level of the downward move from $2,788 high to $2,470 low.
If it can clearly break the resistance at $2,660, it may push the price down towards the resistance at $2,720. If it breaks the $2,720 resistance level, more upward movement may be expected in the coming trading days. In this case, Ethereum may rise to the resistance at $2,780 in the short term, or even $2,880.
Will ETH's losses increase further?
If Ethereum fails to break the resistance at $2,660, a new round of decline may begin. The initial support level in the downward direction is around $2,545. The first major support level is around $2,500.
If the price clearly falls below the support level of $2,500, it may rise to the support level of $2,470. If the price continues to decline, it may drop towards the support level of $2,420 in the short term. The next key support level is at $2,350.
Technical indicators
Hourly MACD+- The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI+- The RSI for ETH/USD is now close to the 50 area.
Main support level - $2,545
Main resistance level - $2,660