Ethereum price corrected lower and tested the $2,440 support. ETH is now trading in a range and facing hurdles near the $2,550 and $2,585 levels.

• Ethereum is attempting a fresh increase from the $2,450 level.
• The price is trading just above $2,500 and the 100-hourly Simple Moving Average.
• There was a break above a connecting bearish trend line with resistance near $2,510 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could gain bullish momentum if it clears the $2,550 and $2,585 resistance levels.

Ethereum Price Holds Key Support

Ethereum price started a downside correction below the $2,620 support zone. ETH even declined below the $2,550 support, but the bulls were active near $2,440. A low was formed near $2,469 and the price is now trading in a range, like Bitcoin.

There was a minor increase above the $2,500 level. The price climbed above the 50% Fib retracement level of the recent decline from the $2,588 swing high to the $2,469 low.

Besides, there was a break above a connecting bearish trend line with resistance near $2,510 on the hourly chart of ETH/USD. Ethereum is now trading just above $2,500 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,540 level or the 61.8% Fib retracement level of the recent decline from the $2,588 swing high to the $2,469 low.

Source: ETHUSD on TradingView.com

The next major resistance is now near $2,585. A clear move above the $2,585 level might start a decent increase. In the stated case, the price could rise toward the $2,650 level. The main resistance is now forming near the $2,720 level. A close above the $2,720 resistance could start another major increase. The next key resistance is near $2,780. Any more gains might send the price toward the $2,880 zone.

Another Drop in ETH?

If Ethereum fails to clear the $2,585 resistance, it could start another decline. Initial support on the downside is near the $2,495 level.

The next key support could be the $2,445 zone. A downside break below the $2,445 support might send the price further lower. In the stated case, Ether could test the $2,380 support. Any more losses might send the price toward the $2,320 level.

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 just above the 50 level.

Major Support Level – $2,445

Major Resistance Level – $2,585

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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• Source: https://www.newsbtc.com/analysis/eth/ethereum-price-rangebound-2440/