Ethereum Tests Key Support — Is a Breakout Rally Coming?
Above $2,520, Ethereum price rose again. ETH may try to break $2,580 again after correcting.
Ethereum rose again over $2,520.
The price is below $2,550 and the 100-hour SMA.
On the hourly ETH/USD chart, a positive trend line with support around $2,530 is formed.
If supported over $2,520, the pair may rise again.
Ethereum Price Regains Support
Like Bitcoin, Ethereum price rose beyond $2,550. ETH price moved over $2,565 barrier and entered a bullish zone.
Bulls broke the 61.8% Fib retracement barrier of the decline from $2,636 swing high to $2,475 low. Bears preserved gains at the $2,600 resistance zone.
The 76.4% Fib retracement level of the decline from the $2,636 swing high to the $2,475 low was rejected. Ethereum has fallen below $2,550 and the 100-hour SMA.
ETH tests $2,520 support. On the hourly ETH/USD chart, a positive trend line with support around $2,530 is formed. Price may find resistance at $2,550 on the upside. Near $2,580 is the next major resistance. First significant resistance is around $2,600. A clean break over $2,600 might push the price above $2,650.
Above $2,650 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 $2,580. Around $2,520 is first downside support. The first substantial donation is about $2,500.
A decisive break below $2,500 might bring the price near $2,450. If losses continue, the price may reach $2,350 support. Next important support is $2,320.
Tech Indicators
The negative MACD for ETH/USD is growing.
Hourly RSI: ETH/USD is below 50.
Major Support: $2,520
Major Resistance: $2,600
