Ethereum price struggled to break above $2,550 and $2,580. ETH, like Bitcoin, began a new downtrend and was trading below the $2,500 support zone.
- Ethereum attempted a fresh hike, but failed to break above $2,550.
- The price is trading below $2,500 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a bearish trend line tying with resistance near $2,480.
- A break below the $2,425 support will see the pair continue to decline.
Ethereum price decline continues
Ethereum price struggled to gain pace above the $2,550 and $2,580 resistance levels. ETH formed a short-term high and, like Bitcoin, began a new decline below $2,500.
There was a move below the $2,450 level. A new weekly low was formed near $2,424 and the price is currently consolidating losses. Although there was a slight increase above the $2,450 level, bears remained active near the 23.6% Fib retracement level moving down from the $2,614 swing high to the $2,424 low.
Ethereum is currently trading below $2,500 and the 100-hour simple moving average. Meanwhile, the price is finding resistance near $2,465. The next hurdle could be $2,480. Additionally, on the hourly chart of ETH/USD, there is a bearish trend line connecting with resistance near $2,480.
The next major resistance is currently near $2,520. A clear break above the $2,520 level could initiate a significant rally. If specified, the price could rise to the $2,580 level.
Source: ETHUSD on TradingView.com
The next major hurdle is near the $2,620 area. A break above the $2,620 resistance could begin another steady rise. The next major resistance is near $2,680. More gains could lead the price towards the $2,720 area.
Will there be more losses in ETH?
If Ethereum fails to clear resistance at $2,520, it could begin another downtrend. Initial support for the downside is near the $2,440 level.
The next major support could be in the $2,425 area. A break below the $2,425 support could push the price lower. If indicated, Ether could test the $2,350 support. Any more losses could push the price down to the $2,320 level.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $2,425
Key Resistance Level – $2,520
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