Ethereum Trims Gains, Why $2,500 Is The Key For Fresh Rally

[Sharpmax]

Ethereum corrected gains from the $2,640 zone against the US Dollar. ETH price is now trading above a major support at $2,500 and the 100 hourly SMA.Ethereum failed to clear $2,650 and started a downside correction.The price is now trading above $2,500 and the 100 hourly simple moving average.There is a key declining channel forming with resistance near $2,550 on the hourly chart of ETH/USD (data feed via Kraken).The pair is likely to start a fresh increase as long as it is above the $2,500 level. Ethereum Price Holding Key Support Ethereum gained pace above the $2,600 resistance and extended its upward move. However, ETH failed to surpass the $2,650 resistance. A high was formed near $2,638 before it started a downside correction.There was a break below the $2,600 and $2,550 support levels. Ether price declined below the 50% Fib retracement level of the of the recent increase from the $2,461 swing low to $2,638 high. The price even traded below the $2,520 support. It is now trading above $2,500 and the 100 hourly simple moving average. It is holding the 76.4% Fib retracement level of the of the recent increase from the $2,461 swing low to $2,638 high.Source