Ethereum

Ethereum failed to continue above $2,900 against the US Dollar. ETH price corrected gains and it is now trading near a major support at $2,640 and the 100 hourly SMA.

Ethereum broke the $2,850 resistance, but it failed to gain pace above $2,900.
The price is now testing the $2,650 support and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support at $2,750 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the 100 hourly SMA to avoid a drop towards the $2,380 support.

Ethereum Price Reaches Key Support
Ethereum extended its recovery wave above the $2,800 and $2,850 resistance levels. ETH even pushed above the $2,900 level and settled nicely above the 100 hourly simple moving average.
However, it failed to gain pace above $2,900. The bulls made two attempts to push the price above the $2,920 level, but they failed. The recent high was formed near $2,912 before the price started a downside correction.
Ether corrected lower below the $2,850 and $2,800 support levels. There was a break below a key bullish trend line with support at $2,750 on the hourly chart of ETH/USD. The pair even declined below the 23.6% Fib retracement level of the upward move from the $2,370 swing low to $2,912 high.
Ether price is now testing the $2,650 support and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the $2,370 swing low to $2,912 high.

Source: ETHUSD on TradingView.com
On the upside, an immediate resistance is near the broken trend line at $2,800. The next major resistance is near the $2,900 level, above which the price could attempt a move towards the $3,000 resistance zone.
More Losses in ETH?
If Ethereum fails to continue higher above the $2,800 and $2,900 resistance levels, it could extend its decline. An initial support on the downside is near the $2,650 zone and the 100 hourly SMA.
A downside break below the 100 hourly SMA might spark a larger decline. The next key support is near the $2,380 level. Any more losses could lead the price towards the $2,185 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Major Support Level – $2,650
Major Resistance Level – $2,800

Warren Mraz

By Warren Mraz

I’m a highly experienced and well-respected author in the field of Cryptocurrency. I have been writing on the subject for over 5 years now and have become an expert in the field. My work has been featured in many prestigious publications, including The Wall Street Journal, Forbes, and Business Insider. I’m a regular contributor to CoinDesk, one of the leading sources of Cryptocurrency news and information. In addition to my writing, I’m also a highly sought-after speaker on the topic of Cryptocurrency investing and trading. I have been invited to speak at numerous events around the world, including the World Economic Forum in Davos, Switzerland.

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