As the price of Ethereum tried to break beyond $2,720, it reversed its gains. At the moment, Ethereum is having a hard time maintaining its position above the crucial $2,440 support zone, and it may continue to suffer losses.
Ethereum price continued to rise past the $2,550 barrier level, surpassing Bitcoin's price by a significant margin. After breaking over the $2,600 zone, Ethereum's price soared past $2,700. At last, the beards started to show up close to the $2,720 resistance level.
In the vicinity of $2,716, a new multi-week high was established before the market reversed previous gains. There was a movement that occurred below the levels of $2,600 and $2,550. The price is currently trading below the 23.6% Fibonacci retracement level of the upward advance that occurred from the swing low of $2,170 to the high of $2,716.
At the moment, the price of Ethereum is trading just below $2,550 and the 100-hourly Simple Moving Average. In the event that there is a new gain, the price may encounter potential resistance close to the level of $2,520. A connecting bearish trend line is also emerging with resistance at $2,520 on the hourly chart of ETH/USD. This line is acting as a connecting trend line.
Near $2,585 is the next significant resistance. A break over $2,585 might push ETH into $2,650. Near $2,720, primary opposition is building. A closing above $2,720 might boost bullishness. Around $2,780 is the next hurdle. More advances might push the price toward $2,880.
Ethereum may fall if it fails to break $2,520. Initial downside support is approaching $2,440, the 50% Fib retracement level of the upward advance from $2,170 swing low to $2,716 high.
The $2,350 area may be next support. A drop below $2,350 might push the price farther down. Ether might test $2,300. More losses might push the price toward $2,240.
In the hourly MACD, the bullish zone is losing steam for the ETH/USD pair. Ratings Sentiment Index (RSI) for the hourly chart shows that the ETH/USD RSI has fallen below the 50 mark. Level of Major Support - $2,440 Level of Significant Resistance - $2,585