The Ethereum price is behind. Can it recover?

Ethereum extended losses and touched $2,380. ETH is recovering losses and failing to climb over $2,5250.

Ethereum began a rebound from $2,380.

The price is below $2,500 and the 100-hour SMA.

The hourly ETH/USD chart shows a short-term ascending channel with support at $2,480.

If it breaks $2,520 and $2,550 barrier, the pair may rise again.

Ethereum Price Rises

Ethereum fell below $2,250, unlike Bitcoin. After falling below $2,379, ETH has begun rising.

Above $2,420, prices rose somewhat. It traded over the 50% Fib retracement level of the negative wave from $2,562 swing high to $2,379 low. Bulls even broke $2,500 resistance but battled around $2,520.

Ethereum has fallen below $2,500 and the 100-hour SMA. On the hourly ETH/USD chart, a short-term rising channel with support around $2,480 is formed.

The price is encountering resistance between $2,520 and the 100-hourly Simple Moving Average on the upswing. It is around the 76.4% Fib retracement of the negative wave from $2,562 swing high to $2,379 low.

Near $2,550 is the first substantial resistance. The primary resistance is at $2,600. A clean break over $2,600 might push the price above $2,650. Above $2,650 barrier might lead to greater advances in the following sessions. Ether might soar above $2,750 resistance.

Another ETH drop?
Ethereum may fall again if it fails to break $2,520. The downside has first support at $2,480. First significant support is around $2,420.

A decisive break below $2,420 might send the price below $2,380. If losses continue, the price may reach $2,320 support. Next important support is $2,250.

Tech Indicators

Hourly MACD - ETH/USD MACD is losing bullish momentum.

Hourly RSI: ETH/USD is approaching 50.

Major Support—$2,450

Major Resistance: $2,520

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