Ethereum (ETH) price corrected gains and tested the $2,500 zone

ETH is now again rising and might soon aim for a move above the $2600 zone.

Ethereum price tested the crucial support at the $2,500 zone and showed some recovery on Wednesday. Bitcoin price also remained in a small trading range, with the bears attempting a break below the $69,000 support.

Bitcoin Price Remains Above Key Support

Bitcoin price struggled to rise above the $72,000 resistance and started a new decline. The price traded below the $70,000 and $69,500 support levels.

The sellers pushed the price below the 50% Fib retracement level of the upward move from the $64,386 swing low to the $71,737 high. The price even touched the low of $68,000, but the bulls were active in the $67,000-67,500 zone.

The price found support near the 76.4% Fib retracement level of the upward move from the $64,386 swing low to the $71,737 high. Bitcoin is again showing strength and might soon aim for a move above the $70,000 zone.

The next key resistance is at $72,000, above which the price could rally toward the $74,000 resistance. The first major resistance is at $75,000, which the price might struggle to clear.

Another Decline In BTC?

If Bitcoin fails to break above the $72,000 resistance, it could start a fresh decline. The first major support on the downside is at $67,000.

A clear move below $67,000 might push the price toward the $65,000 support. Any further losses could send the price toward the $63,310 support level. The next key support is at $60,000.

Technical Indicators

Hourly MACD – The MACD for BTC/USD is showing some bullish signs in the neutral zone.

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

Major Support Level – $67,000

Major Resistance Level – $72,000

Ethereum Price Eyes Upside Break

Ethereum price struggled to clear the $2,740 resistance and started a downside correction. ETH traded below the $2,700 and $2,650 support levels.

The bears pushed the price below the 50% Fib retracement level of the upward move from the $2,415 swing low to the $2,735 high. The price even spiked below the $2,520 level, but the bulls were active near the $2,500 zone.

The price found support near the 76.4% Fib retracement level of the upward move from the $2,415 swing low to the $2,735 high. Ether is again rising from the $2,500 zone.

Ethereum price is now trading above $2,520 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,575 level. There is also a key declining channel or a possible bullish flag forming with resistance at $2,575 on the hourly chart of ETH/USD.

The next key resistance is at the $2,600 level. The first major resistance is at the $2,650 level. A clear move above the $2,650 resistance might send the price toward the $2,735 resistance. An upside break above the $2,735 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,800 resistance zone or even $2,920 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,600 resistance, it could start a fresh decline. Initial support on the downside is at the $2,525 level. The first major support sits at the $2,500 zone.

A clear move below the $2,500 support might push the price toward the $2,420 support. Any more losses could send the price toward the $2,350 support level in the near term. The next key support sits at $2,320.

Technical Indicators

Hourly MACD - The MACD for ETH/USD is gaining momentum in the bullish zone.

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

Major Support Level - $2,500

Major Resistance Level - $2,600

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