Ethereum (ETH) Price Analysis: ETH Bulls Defend $2,645 Support, But Downside Risk Remains

Ethereum price extended its increase above the $2,750 resistance level. ETH even climbed above $2,800 before the bears appeared. A high was formed at $2,820 and the price started a downside correction

Ethereum price soared on Monday, continuing its bullish momentum after a weekend of consolidation. ETH price quickly approached a crucial resistance zone, setting the stage for a potential breakout or rejection.

Ethereum Price Surges, Facing Resistance Zone

Ethereum price rallied sharply on Monday, extending its recent bullish trend. ETH price soared above the $2,750 resistance level, quickly approaching a crucial resistance zone.

After rising to a high of $2,820, bears intervened, leading to a downside correction in ETH price. This downturn pushed the price below the $2,780 support level.

Moreover, Ethereum price breached the 50% Fib retracement level of the upward wave, ranging from a swing low of $2,535 to a high of $2,820. Notably, there was a break below a key bullish trend line with support at $2,740 on the hourly chart of ETH/USD.

Currently, ETH price is trading below $2,740 and the 100-hourly Simple Moving Average. However, bulls are expected to remain active around the $2,645 support, which is also close to the 61.8% Fib retracement level.

If ETH price experiences another surge, it could face obstacles near the $2,720 level. The first major resistance lies at $2,740. A close above this level could propel ETH toward the resistance at $2,820.

The next crucial resistance is encountered at $2,880. An upside突破 above this resistance might drive the price higher, targeting the $3,000 resistance zone in the near term.

ETH Price Facing More Downside?

If Ethereum fails to clear the $2,740 resistance, it could continue its downward trajectory. The initial support below is at $2,645, followed by the first major support at $2,600.

A clear move below the $2,600 support might push the price toward $2,550, where bulls are likely to step in. Any further losses could drive the price toward the $2,500 support level in the near term.

The next crucial support is encountered at $2,440.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI: The RSI for ETH/USD is now below the 50 zone.

Major Support Level: $2,645

Major Resistance Level: $2,740

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