Ethereum Price Stuck In a Range — Are Bulls Ready to Break Out?

Ethereum price started a fresh decline below the $2,600 zone.

ETH is now consolidating losses and might attempt to recover above the $2,550 resistance.

Ethereum started a fresh decline below the $2,580 level.

The price is trading below $2,550 and the 100-hourly Simple Moving Average.

There is a rising channel forming with support at $2,490 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start a fresh increase if it settles above the $2,620 resistance zone in the near term.

Ethereum Price Eyes Upside Break Ethereum price started a fresh decline below the $2,600 support level, like Bitcoin .

ETH price declined below the $2,550 and $2,540 levels.

The bears even pushed the price below the $2,500 level.

The pair tested the $2,450 zone and started a consolidation phase.

There was a minor move above the $2,520 level.

The price climbed above the 23.6% Fib retracement level of the downward move from the $2,680 swing high to the $2,456 low.

Ethereum price is now trading below $2,540 and the 100-hourly Simple Moving Average.

Besides, there is a rising channel forming with support at $2,490 on the hourly chart of ETH/USD.

On the upside, the price could face resistance near the $2,540 level.

The next key resistance is near the $2,565 level.

It is close to the 50% Fib retracement level of the downward move from the $2,680 swing high to the $2,456 low.

The first major resistance is near the $2,620 level.

A clear move above the $2,620 resistance might send the price toward the $2,660 resistance.

An upside break above the $2,660 resistance might call for more gains in the coming sessions.

In the stated case, Ether could rise toward the $2,720 resistance zone or even $2,800 in the near term.

More Losses In ETH? If Ethereum fails to clear the $2,565 resistance, it could start a fresh decline.

Initial support on the downside is near the $2,490 level.

The first major support sits near the $2,455 zone.

A clear move below the $2,455 support might push the price toward the $2,360 support.

Any more losses might send the price toward the $2,320 support level in the near term.

The next key support sits at $2,250. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,455 Major Resistance Level – $2,565.

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