🔄 Ethereum Correction in Motion — Buying Opportunity or Breakdown?
Above $2,750, Ethereum price rose again. ETH may hit $2,680 after reversing gains.
Ethereum rose beyond $2,800 again.
The price is over $2,750 and the 100-hour SMA.
On the hourly ETH/USD chart, a bullish trend line with support at $2,800 broke.
If it remains over $2,680, the pair may rise again.
Ethereum Corrects Gains
Ethereum price rose after finding support at $2,550, surpassing Bitcoin. ETH price broke $2,650 and $2,720 barrier.
Bullish traders broke $2,800. ETH exceeded $2,850. After reaching $2,880, the price is correcting. It fell below the 23.6% Fib retracement level of the $2,483 swing low to $2,880 high.
Additionally, ETH/USD's hourly chart broke below a crucial bullish trend line with support at $2,800. Ethereum is over $2,750 and the 100-hour SMA.
Price may find resistance at $2,800 on the upside. Near $2,840 is the next major resistance. Near $2,880 is the first substantial resistance. A clean break over $2,880 might push the price above $2,920.
Above $2,920 barrier might lead to greater advances in the following sessions. Ether might reach $3,000 or $3,120 in the short future.
More ETH losses?
Ethereum may fall again if it fails to break $2,820. Initially, downside support is approaching $2,755. The first significant support is at $2,680, the 50% Fib retracement level of the upward advance from $2,483 swing low to $2,880 high.
A decisive break below $2,680 might bring the price below $2,620. More losses might push the price beyond $2,550. Next important help is $2,500.
Tech Indicators
Hourly MACD - ETH/USD MACD is losing bullish momentum.
Hourly RSI: ETH/USD is below 50.
Major Support: $2,680
Major Resistance: $2,880
