Against the US Dollar, ethereum has just seen a fresh negative move from far above the $2,700 barrier. The price of ETH has been trading below the $2,650 support level and the 55 simple moving average (4-hours).
The bears gained strength in preparation for a move below $2,600. The price fell as low as $2,492 after breaking through the $2,500 support level. It has since recovered its losses and is trading above the $2,500 mark. The latest slide from the $2,774 swing high to the $2,492 swing low was retraced at a 23.6 percent Fib retracement level.
The Ethereum price is encountering resistance near the $2,565 level on the upswing. On the 4-hours chart, a big bearish trend line is forming with resistance at $2,565 and a significant bearish trend line is forming with resistance near $2,565 and a large bearish trend line is forming with resistance near $2,500.
Near the Ethereum $2,600 level and the 55 simple moving average, the first major resistance is building (4-hours). The 50 percent Fib retracement level of the recent slide from the $2,774 swing high to the $2,492 swing low is the next major resistance level.
A close above $2,640 could signal the start of a new upward trend. The bulls’ next major roadblock could be near the $2,750 mark. If not, there’s a chance we’ll see additional losses below $2,500. The next major support level for Ethereum is now approaching $2,450.
If the Ethereum price falls below the $2,450 support level, it might drop to $2,325. If there are any additional losses, the Ethereum price might drop to $2,250 or possibly $2,100.
The price of Ethereum is obviously trading below the $2,600 zone and the 55 simple moving average on the chart (4-hours). If the $2,600 resistance zone is not broken, the price of ether could continue to fall.
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