Ethereum continued its decline and traded close to $2,300 against the US Dollar. ETH price is now recovering and it could start a strong increase if it surpasses $2,550.
Ethereum is holding its decline below the $2,400 and $2,300 support levels. The price is currently trading well below $2,600 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $2,480 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to form an upside head and shoulders pattern with resistance near $2,550.
Can Ethereum price always go up?
Ethereum failed to stay above the key $2,550 support and extended the downside levels slightly. As such, ETH traded below the $2,440 and $2,400 support levels.
It even broke the $2,350 level and settled well below the 100 hourly simple moving average. The price thus formed a drop near $2,313 and the price is now correcting higher. It broke the $2,400 resistance level.
Is Ethereum data at greater risk of loss?
If Ethereum fails to clear the $2,500 and $2,550 resistance levels, it could extend its decline. An initial support on the downside could come near the $2,400 level.
The first major support is near the $2,350 level. A downside break below $2,350 and the recent low could accelerate losses. The next major support is near the $2,220 or $2,200 level. The second biggest coin seems ready to use all its power to maintain its rising image.
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently approaching the 50 level.
Major Support Level – Located around $2,350.
Major Resistance Level – $2,550 seems to be positioned.