Ethereum Price Analysis

Ethereum price started a fresh increase above the $2,750 zone, but is now correcting gains and might test the $2,680 support zone.

• Ethereum started a fresh increase above the $2,800 level.
• The price is trading above $2,750 and the 100-hourly Simple Moving Average.
• There was a break below a key bullish trend line forming with support at $2,800 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it stays above the $2,680 support in the near term.

Ethereum Price Corrects Gains

Ethereum price began to rise after finding support near the $2,550 level, outperforming Bitcoin. ETH overcame resistance at $2,650 and $2,720, pushing above $2,800 to form a high at $2,880, before correcting.

The price retraced below the 23.6% Fib retracement of the upward move from the $2,483 swing low to the $2,880 high. It is currently trading above $2,750 and the 100-hourly Simple Moving Average.

On the upside, the price may face resistance around $2,800. Key resistance levels are at $2,840 and $2,880. A clear move above $2,880 could target the $2,920 zone, potentially leading to gains toward $3,000 or even $3,120 in the near term.

More Losses In ETH?

If Ethereum fails to overcome the $2,820 resistance, it may enter a fresh decline. Initial support is around $2,755, followed by major support near $2,680 and the 50% Fib retracement level of the upward move from the $2,483 swing low to the $2,880 high.

A clear drop below $2,680 could lead to further declines toward $2,620 and possibly towards $2,550, with major support sitting at $2,500.

Technical Indicators

• Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
• Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,680
Major Resistance Level – $2,880