Ethereum Consolidates Above $2,700, Here Are Chances of Downward Move

Ethereum extended its rally and it traded to a new all-time high near $2,800 against the US Dollar. ETH price is correcting gains, but dips are likely to be supported near $2,650.

Ethereum remained well bid and it even climbed towards the $2,800 level.
The price is now trading well above $2,700 and the 100 hourly simple moving average.
There is a crucial rising channel forming with support near $2,700 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct lower, but the bulls are likely to appear near $2,650 and $2,620.

Ethereum Price Remains In Uptrend
Ethereum remained well bid above the $2,650 support level, unlike bitcoin. ETH extended its rise above the $2,750 high and it settled nicely above the 100 hourly simple moving average.
It traded to a new all-time high at $2,800 before it started a downside correction. There was a break below the $2,780 and $2,750 levels. Ether is now trading below the 23.6% Fib retracement level of the upward move from the $2,560 swing low to $2,800 high.
It is still trading well above $2,700 and the 100 hourly simple moving average. There is also a crucial rising channel forming with support near $2,700 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
The next key support is near the $2,680 level. It is near the 50% Fib retracement level of the upward move from the $2,560 swing low to $2,800 high. Any more losses could lead the price towards the $2,650 support level and the 100 hourly simple moving average.
If ether fails to stay above the $2,650 support level and the 100 hourly simple moving average, it could dive towards the $2,580 level.
Fresh Increase in ETH?
If Ethereum remains stable above the channel support and $2,650, it could start a fresh increase. An initial resistance on the upside is near the $2,780 level.
The first major resistance is near the $2,800 level. A clear upside break above the $2,800 level and the channel upper trend line could set the pace for a sharp increase towards the $3,000 resistance zone in the next few sessions.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 level.
Major Support Level – $2,700
Major Resistance Level – $2,800

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 16,825.66
ethereum
Ethereum (ETH) $ 1,233.46
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 283.79
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.383005
dogecoin
Dogecoin (DOGE) $ 0.095753
cardano
Cardano (ADA) $ 0.309310
matic-network
Polygon (MATIC) $ 0.888793
polkadot
Polkadot (DOT) $ 5.28
staked-ether
Lido Staked Ether (STETH) $ 1,219.49
litecoin
Litecoin (LTC) $ 77.07
shiba-inu
Shiba Inu (SHIB) $ 0.000009
okb
OKB (OKB) $ 20.92
dai
Dai (DAI) $ 1.00
solana
Solana (SOL) $ 13.59
tron
TRON (TRX) $ 0.053269
uniswap
Uniswap (UNI) $ 6.00
avalanche-2
Avalanche (AVAX) $ 13.21
leo-token
LEO Token (LEO) $ 3.78
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,828.57
chainlink
Chainlink (LINK) $ 6.84
cosmos
Cosmos Hub (ATOM) $ 9.58
the-open-network
The Open Network (TON) $ 1.85
ethereum-classic
Ethereum Classic (ETC) $ 18.75
monero
Monero (XMR) $ 141.99
stellar
Stellar (XLM) $ 0.084299
bitcoin-cash
Bitcoin Cash (BCH) $ 109.41
quant-network
Quant (QNT) $ 116.51
crypto-com-chain
Cronos (CRO) $ 0.064527
algorand
Algorand (ALGO) $ 0.221888
filecoin
Filecoin (FIL) $ 4.33
near
NEAR Protocol (NEAR) $ 1.69
apecoin
ApeCoin (APE) $ 3.88
vechain
VeChain (VET) $ 0.018744
hedera-hashgraph
Hedera (HBAR) $ 0.047064
internet-computer
Internet Computer (ICP) $ 4.19
eos
EOS (EOS) $ 1.00
flow
Flow (FLOW) $ 1.04
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.93
frax
Frax (FRAX) $ 1.00
trust-wallet-token
Trust Wallet (TWT) $ 2.43
terra-luna
Terra Luna Classic (LUNC) $ 0.000165
axie-infinity
Axie Infinity (AXS) $ 8.64
the-sandbox
The Sandbox (SAND) $ 0.581042
tezos
Tezos (XTZ) $ 0.989336
theta-token
Theta Network (THETA) $ 0.873291
aave
Aave (AAVE) $ 61.13
huobi-token
Huobi (HT) $ 6.34