Ethereum Price Trims Gains: Is the Rally Losing Steam?

Sep 30, 2024 04:00 am Cryptocurrency 22

Ethereum price is correcting gains from the $2,720 resistance. ETH is now trading below $2,650 and might find bids near the $2,600 level.

Ethereum started a downside correction from the $2,720 zone.

The price is trading below $2,650 and the 100-hourly Simple Moving Average.

There is a key bearish trend line forming with resistance at $2,650 on the hourly chart of ETH/USD (data feed via Kraken).

The pair must stay above the $2,600 support to start a fresh increase in the near term.

Ethereum Price Dips Again

Ethereum price extended gains and traded above the $2,650 level. ETH even cleared the $2,700 level before the bears appeared. A high was formed at $2,728 and the price started a downside correction like Bitcoin.

There was a move below the $2,700 and $2,650 levels. The price traded below the 50% Fib retracement level of the upward move from the $2,554 swing low to the $2,728 high. Ethereum price is now trading ..

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