๐ฅ Ethereum Wobbles โ Key Support Tested as Bearish Momentum Builds $ETH
Ethereum tried to get beyond $2,600. #ETH is losing ground and may struggle to break $2,500.
Ethereum fell below $2,600 again.
The price is below $2,575 and the 100-hour SMA.
The hourly ETH/USD chart shows a positive trend line with support at $2,525.
If it remains over $2,500, the pair may rise again.
Ethereum Corrects Gains
Like Bitcoin, Ethereum found support about $2,440 and recovered. Ethereum rose over $2,500 and $2,550 barrier.
Price even broke $2,620 barrier. It moved over the 23.6% Fib retracement level of the $2,880 swing high to $2,440 low decline. But bears lingered around the $2,660 resistance zone.
Bears held the 50% Fib retracement level of the $2,880 swing high to $2,440 low decline. The price is falling below $2,600 again. Ethereum has fallen below $2,575 and the 100-hour SMA.
The hourly ETH/USD chart shows a positive trend line with support at $2,525. Price may find resistance at $2,620 on the upside. Around $2,640 is the next major resistance. Near $2,660 is the first substantial resistance.
A clean break over $2,660 might push the price above $2,720. Above $2,720 barrier might lead to greater advances in the following sessions. Ether may soar to $2,800 or $2,880 soon.
More ETH losses?
Ethereum may fall again if it fails to break $2,660. Around $2,540 is first downside support. First big support is between $2,525 and the trend line.
A decisive break below $2,525 might bring the market near $2,500. If losses continue, the price may reach $2,440 support. The next support is $2,350.
Tech Indicators
The negative MACD for ETH/USD is growing.
Hourly RSI: ETH/USD is below 50.
Major Supportโ$2,500
Major Resistance: $2,660
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