Ethereum failed to surpass the $2,500 resistance. If it loses the $2,440 zone, the downward trend will gain momentum. Here is a summary of Ethereum for the past 24 hours:
- Ethereum fell under the $2,550 and $2,500 support levels.
- Currently, ETH is under $2,500 and the 1-hour candles are below the SMA100.
- Looking at the 1-hour chart, we see a strong bearish trend with a resistance level at $2,580.
- There is a possibility of losing the $2,440 support level in short-term.
Ethereum Price Action Analysis
Ethereum slowly began a downward trend in the $2,600 zone. At that point, the price fell under the crucial $2,500 support level. Following that, it even broke the $2,500 support and went for short-term bearish run.
As of now, ETH is under $2,500 and the 1-hour candles are below the SMA100. The lowest recorder price in the past few hours has been $2,444. Following that, Ethereum went upward in order to compensate.
During the upward trend, the price touched $2,500 and got close to the 50% Fibonacci retracement (from the latest fall from $2,500 to $2,444). However, the sellers took control of the market and stopped the upward momentum.
The next important resistance level is at $2,550. It is located near the 50% Fibonacci retracement level from the latest fall. the 1-hour chart indicates a downward trend is formed with the resistance at $2,580.
In case of successfully surpassing the $2,550 and $2,580, we`ll have an increased chance of a short-term bull run. for that scenario, ETH might reach $2,700 once again.
On the other hand, if Ethereum fails to break through the $2,550 and $2,580, the bear run would continue and In that case, the first support level will be at $2,465.
And to follow that, the next support will be $2,440. If the price falls below that point, the downward trend will gain momentum. At that point it will be likely that the price would fall as low as $2,400. It would be possible that the buyers support the price at $2,330.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Ethereum is on a downward momentum.
RSI: the relative strength index is below 50.
Resistance levels: for the bullish run, the $2,550 will be crucial to surpass.
Support levels: the $2,440 is the most important support level to consider. If you are looking to exchange your Ethereum into Webmoney, Perfect money or PayPal, hi.exchange provides excellent exchange services. with 24/7 customer support and the best exchange rates at any moment, our team of professionals will guarantee our customers with a secure, easy and smooth exchange experience.