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TA: Ethereum shows a Bearish Technical Pattern, and It May Return to $2.2K

ethereum failed to surpass $2,725 and started a fresh decline against the US Dollar. ETH price could continue to move down if there is no move above $2,500.

  • ethereum failed to clear the $2,700 and $2,725 resistance levels.
  • The price is trading below $2,500 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if there is a clear move above the $2,500 resistance zone.

ethereum Price Tops Near $2,700

ethereum started a decent recovery wave above the $2,500 and $2,550 resistance levels. ETH even cleared the $2,600 level and the 100 hourly simple moving average.

However, ether price failed to gain strength above the $2,700 level. A high was formed near $2,729 and the price started a fresh decline. There was a break below the $2,600 and $2,500 support levels. Besides, there was a break below a key bullish trend line with support near $2,500 on the hourly chart of ETH/USD.

The pair traded below the 50% Fib retracement level of the upward move from the $2,171 swing low to $2,729 high. Ether is now trading below $2,500 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $2,450 level. The first major resistance is near the $2,500 level. A clear move above the $2,500 resistance might start a steady increase. In the stated case, the pair could rise towards the $2,650 level.

READ MORE : Source NewsBTC.com

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