TA: Ethereum Trims Gains, What Could Spark A Fresh Increase

Ethereum failed to surpass $2,780 and corrected lower against the US Dollar. ETH price must stay above $2,570 to start a fresh increase in the near term. Ethereum struggled to clear the $2,780 zone and corrected gains. The price is now trading below $2,650 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $2,660 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend decline if it fails to stay above $2,570 and $2,550. Ethereum Price Corrects Lower Ethereum extended increase above the $2,700 level. ETH even cleared the $2,750 resistance level, but it faced a strong resistance near $2,780. A high was formed near $2,775 and the price started a downside correction. There was a break below the $2,700 and $2,650 levels. Ether price settled below $2,650 and the 100 hourly simple moving average. The price declined below the 50% Fib retracement level of the upward move from the $2,445 swing low to $2,775 high. Besides, there was a break below a key bullish trend line with support near $2,660 on the hourly chart of ETH/USD. The pair is now approaching the $2,570 support zone. It is near the 61.8% Fib retracement level of the upward move from the $2,445 swing low to $2,775 high. If ether price stays above the $2,570 support, it could start a fresh increase. On the upside, an initial resistance is near the $2,620 zone. Source: ETHUSD on TradingView.com The fi...