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Ethereum’s price has continued its downward trajectory, breaking below the critical $2,500 support level. Currently, ETH is in a consolidation phase and may face challenges in its effort to climb back above the $2,500 resistance.
- Ethereum initiated a fresh decline from the $2,550 resistance zone, indicating a bearish trend.
- The cryptocurrency is trading below $2,480, along with the 100-hourly Simple Moving Average, signaling continued pressure.
- A new bearish trend line is forming, with resistance identified at $2,445 on the hourly chart of ETH/USD, as per data from Kraken.
- The pair needs to surpass the $2,445 and $2,500 resistance levels to initiate a significant recovery wave.
Ethereum Price Extends Losses
Ethereum’s price has been unable to maintain a position above $2,500, mirroring Bitcoin’s recent decline. The cryptocurrency fell below the $2,450 and $2,420 levels, testing the $2,350 support zone. A recent low was established at $2,357, from which ETH is now attempting to rebound. The price has seen some upward movement, surpassing the $2,385 resistance zone and testing the 23.6% Fib retracement level from the $2,583 swing high to the $2,357 low.
Currently, Ethereum is trading below the $2,500 mark and remains under the 100-hourly Simple Moving Average. A new bearish trend line is evident on the hourly ETH/USD chart, forming resistance around $2,445. On the upside, the price is encountering obstacles near the $2,445 level and the trend line.
Resistance and Potential Upside
The first significant resistance is observed around the $2,470 level or the 50% Fib retracement level from the $2,583 swing high to the $2,357 low. The primary resistance is now forming near the $2,500 mark. A decisive move above this level could propel the price toward the $2,550 resistance. Should ETH break through the $2,550 resistance, it might pave the way for additional gains in upcoming sessions, potentially pushing Ether toward the $2,620 resistance zone.
Another Decline in ETH?
If Ethereum fails to overcome the $2,445 resistance, it risks facing another decline. The initial support on the downside is near the $2,380 level, with the first major support located around the $2,350 zone. A definitive move below the $2,350 support could drive the price toward $2,285. Further losses may lead the price down to the $2,220 support level in the near term, with the subsequent key support situated at $2,150.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is losing momentum within the bearish zone, indicating a potential continuation of the current trend.
Hourly RSI: The RSI for ETH/USD is presently below the 50 zone, suggesting weak momentum and a lack of buying pressure.
Major Support Levels: $2,360
Major Resistance Levels: $2,500
As Ethereum’s price continues to navigate through these challenging levels, traders and investors will be closely watching for any signs of recovery or further declines. The technical indicators suggest that the market is still under bearish pressure, and a clear break above the resistance levels will be crucial for any potential upward momentum.
