The price of Ethereum has risen above $2,700. Even though ETH broke through the $2,750 resistance level, it ran into stiff resistance near $2,780.
A high was set near $2,775 and the price began to decline to the downside. Below the $2,700 and $2,650 marks, there was a break. The price of ether fell below $2,650, as well as the 100 hourly simple moving average. The price fell below the 50% Fib retracement level of the upward run from the swing low of $2,445 to the high of $2,775 dollars.
On the hourly chart of ETH/USD, there was also a breach below a significant bullish trend line with support near $2,660. The pair is now edging closer to the $2,570 support level. The upward run from the swing low of $2,445 to the high of $2,775 is nearing the 61.8 percent Fib retracement level.
If the price of ether remains above the $2,570 support level, it may begin a new upward trend. On the upside, an initial resistance zone for Ethereum is located near $2,620.
Near the $2,650 level and the 100 hourly simple moving average, the first substantial resistance is spotted. The next big resistance mark for Ethereum is near $2,780, above which the price may move higher. In the aforementioned scenario, the price might jump to $2,880.
If ethereum does not begin a new upward trend over $2,650, it may continue to decline. So, On the downside, $2,570 serves as an initial support level.
Near the Ethereum $2,550 level, the next big support is found. If the price closes below the $2,570 and $2,550 support levels, the price may fall much deeper. Lastly, In the above scenario, the cost might rise to $2,445.
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