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) $ 51,309.75
ethereum
Ethereum (ETH) $ 2,920.91
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 371.34
solana
Solana (SOL) $ 103.74
xrp
XRP (XRP) $ 0.542478
staked-ether
Lido Staked Ether (STETH) $ 2,917.22
usd-coin
USDC (USDC) $ 1.00
cardano
Cardano (ADA) $ 0.591962
avalanche-2
Avalanche (AVAX) $ 37.14
tron
TRON (TRX) $ 0.139120
dogecoin
Dogecoin (DOGE) $ 0.083768
chainlink
Chainlink (LINK) $ 18.43
polkadot
Polkadot (DOT) $ 7.39
matic-network
Polygon (MATIC) $ 0.952645
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 51,211.72
the-open-network
Toncoin (TON) $ 2.15
internet-computer
Internet Computer (ICP) $ 13.09
shiba-inu
Shiba Inu (SHIB) $ 0.000009
uniswap
Uniswap (UNI) $ 7.30
bitcoin-cash
Bitcoin Cash (BCH) $ 261.53
litecoin
Litecoin (LTC) $ 68.38
dai
Dai (DAI) $ 0.999460
immutable-x
Immutable (IMX) $ 3.33
leo-token
LEO Token (LEO) $ 4.37
blockstack
Stacks (STX) $ 2.75
kaspa
Kaspa (KAS) $ 0.174056
cosmos
Cosmos Hub (ATOM) $ 9.95
filecoin
Filecoin (FIL) $ 7.45
ethereum-classic
Ethereum Classic (ETC) $ 25.95
bittensor
Bittensor (TAO) $ 584.09
optimism
Optimism (OP) $ 3.70
hedera-hashgraph
Hedera (HBAR) $ 0.104086
aptos
Aptos (APT) $ 9.25
near
NEAR Protocol (NEAR) $ 3.20
stellar
Stellar (XLM) $ 0.113470
injective-protocol
Injective (INJ) $ 35.24
vechain
VeChain (VET) $ 0.042430
okb
OKB (OKB) $ 50.61
celestia
Celestia (TIA) $ 17.04
first-digital-usd
First Digital USD (FDUSD) $ 1.00
lido-dao
Lido DAO (LDO) $ 3.13
arbitrum
Arbitrum (ARB) $ 1.87
crypto-com-chain
Cronos (CRO) $ 0.089469
render-token
Render (RNDR) $ 6.17
mantle
Mantle (MNT) $ 0.720592
the-graph
The Graph (GRT) $ 0.235820
sei-network
Sei (SEI) $ 0.867863
monero
Monero (XMR) $ 117.59
sui
Sui (SUI) $ 1.65