🔥 Ethereum Faces Selling Heat — Bounce Incoming or Just Beginning to Fall?#Market_Update
Below $2,620, Ethereum price fell again. ETH is consolidating losses and might lose further below $2,500.
Ethereum fell below $2,600 again.
The price is below $2,540 and the 100-hour SMA.
The hourly #ETH/USD chart shows a rising channel with support at $2,480.
If it breaks $2,565 barrier, the pair may rise again.
Ethereum Price Resistance
Like Bitcoin, Ethereum fell below $2,620. ETH fell below $2,600 and $2,550.
Bears drove the price below $2,500. After testing $2,450, the pair began consolidating. A little advance over $2,500 occurred. The price rose over the 23.6% Fib retracement of the negative wave from $2,680 swing high to $2,455 low.
Ethereum has fallen below $2,550 and the 100-hour SMA. The hourly ETH/USD chart shows a rising channel with support at $2,480.
Price may find resistance at $2,540 on the upside. Near $2,565 is the next major resistance. It is around the 50% Fib retracement level of the $2,680 swing high to $2,455 low falling wave. Near $2,625 is the first substantial resistance.
A clean break over $2,625 might push the price above $2,680. Above $2,680 barrier might lead to greater advances in the following sessions. Ether may soar to $2,800 or $2,880 soon.
Another ETH drop?
Ethereum may fall again if it fails to break $2,540. The downside has first support at $2,480. First significant support is around $2,450.
A decisive break below $2,450 might bring the price around $2,320. More losses might push the price toward $2,240. Next important support is $2,150.
Tech Indicators
ETH/USD hourly MACD is losing momentum in the negative zone.
Hourly RSI: ETH/USD is below 50.
Major Support—$2,450
Major Resistance: $2,540
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