- ETH price steadies beyond the support of $2,300 and $2,329.
- The alt still traded under $2.5 and 100 hour SMA.
- ETH’s one-hour chart reveals a crucial bearish trend-line developing with $2,450 resistance (Kraken data feed).
- Ethereum requires a decent climb past $2,450 and $2.5K resistance to trigger steady surges.
Ethereum witnesses consolidation beneath the $2.5K mark. Failure to conquer $2.5 and $2,550 resistance might lead to more downtrends.
ETH Price Maintains Support
Ethereum price suffered a fall beneath the support level at $2,550 after failing to break past the hurdle at $2.7K. The token even plunged under the $2.4K value area and 100-hour Simple Moving Average.
Nevertheless, bulls joined at $2,300, translating to a low of around $2,316, and the coin corrects higher at the moment. That way, Bitcoin climbed past the $2.4K area before rallying beyond the 23.6% Fibonacci retracement zone of the downside move from swing peak at $2,729 to the lows of $2,316.
However, Ether still hovers beneath $2.5K and 100 hour SMA. The nearest resistance to the upside stands at $2,450. Meanwhile, the one-hour chart indicates a massive bear trend-line developing, with resistance at $2,450. Ethereum’s initial critical resistance sits around $2.5K, and clearing the hurdle might lead to steady uptrends. With that, the leading altcoin might surpass the value zone at $2,550.
The following vital obstacle will showcase at $2,630, near 76.4% Fibonacci retracement line of the drop from $2,729 highs to $2,316.
More Drops in Ethereum
ETH has to kick-start a massive increase beyond $2,500 to avoid new downside movements. The token’s closest support level locates at $2,350. Meanwhile, the first crucial foothold develops at $2,315. Breaking beneath this mark will mean hitting $2,300 before accelerating lower. The next massive support might emerge at $2,220.
For now, Ethereum bulls require upside moves past 100 Simple Moving Average and $2,500 resistance to trigger steady upswings. However, such actions might demand positive reactions in the overall crypto spectrum. That can mean the markets extending the current bullish waves.
Ether Technical Indicators
- Crucial support zone – $2,315
- Critical resistance zone – $2,500
- Hourly RSI stays beyond 50
- Hourly MACD loses momentum in bullish territory.