💥 Ethereum Breakdown Alert — Bears Take Control as Bulls Retreat
Above $2,450, Ethereum price rose again. ETH is reversing gains from $2,520 and may touch $2,320.
Ethereum rose again over $2,350.
The price is over $2,400 and the 100-hour SMA.
ETH/USD's hourly chart broke below a positive trend line with support at $2,450.
If it stays over $2,320, the pair may rise again.
Ethereum Falls Below Support
Like Bitcoin, Ethereum price rose beyond $2,320. ETH price broke $2,350 and $2,450 barrier to rise.
Bulls even broke the 76.4% Fib retracement level of the $2,569 swing high to $2,115 low decline. However, bulls were active over $2,500. After reaching $2,520, the price is correcting.
A drop below the 23.6% Fib retracement level of the $2,114 swing low to $2,520 high occurred. On the hourly ETH/USD chart, a bullish trend line with support at $2,450 broke.
Ethereum is over $2,400 and the 100-hour SMA. The price may encounter resistance around $2,500 on the upside. Around $2,520 is the next major resistance.
Near $2,550 is the first substantial resistance. A clean break over $2,550 might push the price above $2,600. Above $2,600 barrier might lead to greater advances in the following sessions. Ether may soar to $2,720 or $2,800 in the short future.
More ETH losses?
Ethereum may fall again if it fails to break $2,520. Initially, downside support is at $2,400. First significant support is around $2,320.
A decisive break below $2,320 might bring the market into $2,250. More losses might push the price beyond $2,200. Next important support is $2,150.
Tech Indicators
Hourly MACD - ETH/USD MACD is losing bullish momentum.
Hourly RSI: ETH/USD is below 50.
Major Support—$2,320
Major Resistance: $2,520
