Ethereum stabilizes after a fall — Can the bulls regain control?

Ethereum has started to fall from the resistance zone of 2,620 dollars. ETH is currently trading below 2,580 dollars and may continue to fall. Ethereum has started to adjust and fall below the $2,600 level. The price is trading below $2,600 and the simple moving average of 100 hours. There has been a break on the important bearish trend line with resistance at $2,500 on the hourly chart of ETH/USD ( data from Kraken ). This currency pair may continue to fall if it trades below the support zone of $2,470 in the near future. The price of Ethereum has fallen again. The price of Ethereum has started to fall from the support zone of $2,650, similar to Bitcoin. The price of ETH has not recovered from the losses and continues to drop below $2,600. The price even fell below the level of $2,550. A low was formed at $2,470 and the price is currently consolidating the losses. There has been a move above the $2,500 level. In addition, there has been a breakout on the important downtrend line with resistance at $2,500 on the hourly chart of ETH/USD. The price has tested the Fib retracement level of 23.6% of the decline from a high of $2,787 to a low of $2,470. The price of Ethereum is currently trading below $2,600 and the 100-hour simple moving average. On the positive side, the price may encounter resistance near $2,550. The next important resistance is near $2,600. The first major resistance is near $2,620. It is close to the 50% Fib retracement level of the downward move from the high of $2,787 to the low of $2,470. A clear move above the resistance at $2,620 could bring the price to the resistance at $2,720.

A breakout above the resistance level of $2,720 may require further increases in the coming sessions. In the mentioned case, Ether could rise to the resistance zone of $2,780 or even $2,880 in the near future. Is there any additional loss in ETH? If Ethereum fails to break through the resistance level of $2,600, it may start a new fall. The initial support at the drop is near the $2,500 level. The first major support is near the zone of $2,470. A clear move below the support level of $2,470 could push the price down to the support level of $2,420. Any further losses could push the price down to the support level of $2,350 in the near future. The next important support level is at $2,320. Technical index Hourly MACD – MACD for ETH/USD is accelerating in the zone of fall. Hourly RSI – RSI for ETH/USD is currently below the 50 zone. Main support level – $2,470 Main resistance level – $2,600