$ETH Can the Bulls Rescue the $2,600 Ethereum Price Support?
The price of Ethereum had a hard time maintaining gains beyond $2,600 and $2,620. ETH may find it difficult to maintain a price above the $2,500 support area after reducing gains.
* Ethereum tried to break beyond $2,620 with a new gain, but it was unsuccessful.
* Below the 100-hourly simple moving average and $2,550, the price is now trading. In the hourly chart of ETH/USD (data feed from Kraken), a significant negative trend line is emerging, with resistance located approximately $2,540.
* If the bulls can hold the $2,500 and $2,470 support levels, the pair will begin another upward movement.
Return of Ethereum Price Support
Once again, the $2,520 barrier zone was breached, and the price of Ethereum began to rise. Even though ETH broke beyond the $2,550 mark, bears were aggressive around $2,600, mirroring Bitcoin's situation.
The price has now begun a new fall after having traded as high as $2,614 earlier. Under the $2,550 support level, a decline was seen. The price was trading below the $2,614 high, which is the 61.8% Fib retracement level of the bullish wave from the $2,471 swing low.
