Ethereum stopped working to continue above $2,900 versus the United States Dollar. ETH rate remedied gains and it is now trading near a significant assistance at $2,640 and the 100 per hour SMA.
- Ethereum broke the $2,850 resistance, however it stopped working to get speed above $2,900.
- The rate is now checking the $2,650 assistance and the 100 per hour easy moving average.
- There was a break listed below a key bullish pattern line with assistance at $2,750 on the per hour chart of ETH/USD (information feed by means of Kraken).
- The set should remain above the 100 per hour SMA to prevent a drop towards the $2,380 assistance.
Ethereum Price Reaches Key Support
Ethereum extended its healing wave above the $2,800 and $2,850 resistance levels. ETH even pressed above the $2,900 level and settled well above the 100 per hour easy moving average.
However, it stopped working to get speed above $2,900. The bulls made 2 efforts to press the rate above the $2,920 level, however they stopped working. The current high was formed near $2,912 prior to the rate began a disadvantage correction.
Ether remedied lower listed below the $2,850 and $2,800 assistance levels. There was a break listed below a key bullish pattern line with assistance at $2,750 on the per hour chart of ETH/USD. The set even decreased listed below the 23.6% Fib retracement level of the upward relocation from the $2,370 swing low to $2,912 high.
Ether rate is now checking the $2,650 assistance and the 100 per hour easy moving average. It is close to the 50% Fib retracement level of the upward relocation from the $2,370 swing low to $2,912 high.
Source: ETHUSD on TradingView.com
On the advantage, an instant resistance is near the damaged pattern line at $2,800. The next significant resistance is near the $2,900 level, above which the rate might try a relocation towards the $3,000 resistance zone.
More Losses in ETH?
If Ethereum stops working to continue greater above the $2,800 and $2,900 resistance levels, it might extend its decrease. An preliminary assistance on the disadvantage is near the $2,650 zone and the 100 per hour SMA.
A disadvantage break listed below the 100 per hour SMA may stimulate a bigger decrease. The next key assistance is near the $2,380 level. Any more losses might lead the rate towards the $2,185 assistance zone.
Hourly MACD – The MACD for ETH/USD is gradually losing speed in the bullish zone.
Hourly RSI – The RSI for ETH/USD is presently listed below the 50 level.
Major Support Level – $2,650
Major Resistance Level – $2,800