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ethereum price prediction eth usd bounces up from 2235 support line

Ethereum Down Below support could lead to another sharp drop.

Ethereum failed to clear $2,800 and corrected gains against the US Dollar. ETH price must stay above the $2,600 support to avoid more downsides.

  • Ethereum started a downside correction after it failed to surpass the $2,800 resistance.
  • The price is now trading near $2,650 and the 100 hourly simple moving average.
  • There is a crucial bullish trend line forming with support near $2,645 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a major decline if there is a move below $2,645 and $2,600.

Ethereum Price Dips

Ethereum made another attempt to clear the $2,800 resistance zone. ETH formed a high near $2,814 and started a fresh decline. There was a clear move below the $2,750 support level.

The price even spiked below the 50% Fib retracement level of the upward move from the $2,478 swing low to $2,815 high. It is now trading near $2,650 and the 100 hourly simple moving average. Besides, there was a test of the key $2,600 support level.

READ MORE: Source NewsBTC.com

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