Ethereum price failed to stay above the $2,550 resistance zone. ETH is currently consolidating near $2,450 and is showing some bearish signs.

• Ethereum has started a rebound above the $2,400 and $2,420 levels.
• The price is trading below $2,550 and the 100-hour uncomplicated moving average.
• On the hourly chart of the ETH/USD pair (data via Kraken), there was a breakout of the connecting rising trend line with the support level at USD 2,500.
• If the pair breaks through the USD 2,550 resistance zone, the rate may rise steadily.

Ethereum price struggles below $2,550

Ethereum price started a rebound above the $2,250 resistance level. ETH rose above the $2,320 and $2,450 resistance levels, similarly to Bitcoin above $65,000.

However, bears were dynamic near the $2550 resistance zone. A high was formed at $2555 before a downward correction. The price fell below the $2450 level. It fell below the 23.6% Fibonacci retracement level of the upside move from the $1911 swing low to the $2555 high.

Apart from that, there was a breakout of the connecting bullish trendline with the support at $2,500 on the ETH/USD hourly chart. The pair tested the support at $2,320 and is currently rising.

Ethereum price is still trading below $2,550 and the 100-hour uncomplicated moving average. On the other hand, the price is encountering obstacles near the $2,500 level. The first major resistance is located near the $2,550 level and the 100-hour uncomplicated moving average.

A close above $2,550 could take Ether towards the $2,685 resistance. The next key resistance is near $2,865. A break of the $2,865 resistance could take the price higher towards the $3,000 resistance zone in the near future.

Another ETH drop?

If Ethereum fails to break through the $2,550 resistance, it could begin another decline. Initial support on the downside is near $2,350. The first major support is near the $2,300 zone.

A clear move below the $2,300 support could push the price towards $2,150 and the 61.8% Fibonacci retracement level of the uptrend from the $1,911 swing low to the $2,555 high. Any further losses could send the price towards the $2,120 support level in the near future. The next key support is at $2,050.

Technical indicators

Hourly MACD – The MACD for the ETH/USD pair is gaining momentum in the growth zone.

Hourly RSI – The RSI indicator for the ETH/USD pair has already exceeded the level of 50.

Major Support Level – $2,300

Main resistance level – $2550