- Ethereum found the $2,780 level challenging, resorting to downside movements.
- For now, the price trades beneath $2,650 and 100hr SMA
- Kraken data reveals a break under a vital bullish trend-line with $2,660 support on ETH/USD’s 1hr chart.
- Failure to stabilize beyond $2,570 and $2,550 might mean extended declines.
Ethereum price could not overcome the $2,780 level, resulting in lower corrections. The altcoin should steady beyond $2,570 to welcome new upswings in the short term.
ETH Price Retraces Lower
Ethereum extended its leg-up past the $2.7K mark. The leading altcoin even overpowered the resistance zone at $2,750. However, Ether encountered a stiff resistance of around $2,780. Meanwhile, the token printed a high near $2,775 before launching downward corrections. That had ETH breaking beneath $2.7K and $2,650. Ethereum price settled under $2,650 and 100hr SMA. Moreover, ETH had its price declining below 50% Fibonacci retracement mark of the upswing from $2,445 to $2,775 peak.
ETH/USD’s 1hr chart shows ETH broke under a critical bullish line with the support of around $2,660. For now, the pair approaches the support floor of $2,570. The level locates near 61.8% Fibonacci retracement of the uptrend from $2,445 to $2,775 highs.
Ethereum can launch new increases if it stabilizes past the support floor of $2,570. Meanwhile, upside movements will take ETH to the initial resistance of $2,620. The first critical resistance appears at $2,650 and 100hr Simple Moving Average. Overpowering this level will see Ether climbing towards the hurdle of $2,780, beyond which the alt might accelerate higher. That way, the price may surge to $2,880 zone.
More Declines in Ethereum?
Ethereum should trigger steady upward moves past $2,650 to prevent downside actions. Violating this zone will mean downswings for the coin. ETH would discover the first support barrier of $2,570. Another downward support sits at $2,550. A decisive close under $2,570 and $2,550 may push the altcoin further lower. That way, the 2nd-largest crypto can revisit $2,445.However, the broad market and Bitcoin’s action may determine ETH’s upcoming price reactions.
Ether Technical Indicators
- Crucial support area – $2,570
- Crucial resistance area – $2,650
- 1Hr RSI stays beneath the 50-mark
- 1Hr MACD gains pace inside bearish territory.