Ethereum

Ethereum Trims Gains, Why $2,500 Is The Key For Fresh Rally

Ethereum corrected gains from the $2,640 zone against the US Dollar. ETH price is now trading above a major support at $2,500 and the 100 hourly SMA.

Ethereum failed to clear $2,650 and started a downside correction.
The price is now trading above $2,500 and the 100 hourly simple moving average.
There is a key declining channel forming with resistance near $2,550 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to start a fresh increase as long as it is above the $2,500 level.

Ethereum Price Holding Key Support
Ethereum gained pace above the $2,600 resistance and extended its upward move. However, ETH failed to surpass the $2,650 resistance. A high was formed near $2,638 before it started a downside correction.
There was a break below the $2,600 and $2,550 support levels. Ether price declined below the 50% Fib retracement level of the of the recent increase from the $2,461 swing low to $2,638 high. The price even traded below the $2,520 support.
It is now trading above $2,500 and the 100 hourly simple moving average. It is holding the 76.4% Fib retracement level of the of the recent increase from the $2,461 swing low to $2,638 high.

Source: ETHUSD on TradingView.com
There is also a key declining channel forming with resistance near $2,550 on the hourly chart of ETH/USD. A clear upside break above the channel resistance and $2,550 might start a fresh rally. The next key resistance is near the $2,600 level. The main resistance is still near $2,640 and $2,650. Any more gains could open the doors for a larger increase towards $2,750.
Downside Break in ETH?
If Ethereum fails to clear the $2,550 and $2,600 resistance levels, it could continue to move down. An initial support on the downside is near the $2,510 level.
The first major support is near the $2,500 level and the 100 hourly SMA. A downside break below the 100 hourly SMA could push ether price towards the $2,450 support zone. Any more losses might clear the path for a drop towards the $2,400 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently close to the 50 level.
Major Support Level – $2,500
Major Resistance Level – $2,550

bitcoin
Bitcoin (BTC) $ 61,041.35
ethereum
Ethereum (ETH) $ 3,375.94
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 572.46
solana
Solana (SOL) $ 135.80
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,375.91
xrp
XRP (XRP) $ 0.476855
the-open-network
Toncoin (TON) $ 7.58
dogecoin
Dogecoin (DOGE) $ 0.122906
cardano
Cardano (ADA) $ 0.387437
tron
TRON (TRX) $ 0.120446
shiba-inu
Shiba Inu (SHIB) $ 0.000017
avalanche-2
Avalanche (AVAX) $ 25.12
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 61,182.39
chainlink
Chainlink (LINK) $ 14.03
polkadot
Polkadot (DOT) $ 5.78
bitcoin-cash
Bitcoin Cash (BCH) $ 374.37
uniswap
Uniswap (UNI) $ 9.42
near
NEAR Protocol (NEAR) $ 5.57
wrapped-eeth
Wrapped eETH (WEETH) $ 3,505.01
leo-token
LEO Token (LEO) $ 5.76
litecoin
Litecoin (LTC) $ 70.64
matic-network
Polygon (MATIC) $ 0.567721
dai
Dai (DAI) $ 1.00
pepe
Pepe (PEPE) $ 0.000012
fetch-ai
Fetch.ai (FET) $ 1.67
internet-computer
Internet Computer (ICP) $ 8.12
kaspa
Kaspa (KAS) $ 0.154416
ethena-usde
Ethena USDe (USDE) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 23.37
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,406.94
aptos
Aptos (APT) $ 6.92
monero
Monero (XMR) $ 162.61
render-token
Render (RNDR) $ 7.69
hedera-hashgraph
Hedera (HBAR) $ 0.078790
cosmos
Cosmos Hub (ATOM) $ 6.99
arbitrum
Arbitrum (ARB) $ 0.822140
stellar
Stellar (XLM) $ 0.090416
filecoin
Filecoin (FIL) $ 4.41
mantle
Mantle (MNT) $ 0.759447
okb
OKB (OKB) $ 41.41
crypto-com-chain
Cronos (CRO) $ 0.090421
immutable-x
Immutable (IMX) $ 1.57
blockstack
Stacks (STX) $ 1.60
injective-protocol
Injective (INJ) $ 23.05
first-digital-usd
First Digital USD (FDUSD) $ 1.00
sui
Sui (SUI) $ 0.894950
lido-dao
Lido DAO (LDO) $ 2.41
the-graph
The Graph (GRT) $ 0.220183