Ethereum Faces Fresh Decline Below $2,400
The price of Ethereum has started a new decline below the key support levels of $2,420 and $2,400. It is currently trading below $2,400 and the 100-hourly Simple Moving Average.
Break Above Bearish Trend Line
However, there was a positive development as the price broke above a connecting bearish trend line with resistance near $2,340 on the hourly chart of ETH/USD. This indicates a potential for a fresh increase if it manages to clear the $2,390 and $2,400 levels.
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Ethereum Price Revisits $2,300
Ethereum’s price struggled to make a significant recovery above the resistance levels of $2,550 and $2,580. As a result, it experienced another decline and dropped below the $2,400 support level.
The price reached a new weekly low around $2,302 before entering a consolidation phase. There was a minor increase above the $2,330 level, and the price climbed above the 23.6% Fib retracement level of the downward move from the $2,479 swing high to the $2,302 low.
Potential Resistance and Support Levels
Ethereum is currently trading below $2,400 and facing resistance near the $2,365 level. The next hurdles are at $2,390 and the 50% Fib retracement level of the downward move. A clear move above $2,400 could initiate a decent increase towards the $2,480 level.
On the other hand, if Ethereum fails to clear the resistance at $2,390 and starts another decline, it could find initial support near $2,320. The next key support levels are at $2,300 and $2,250. Further losses may lead to a drop towards $2,200.
Technical Indicators and Key Levels
The MACD indicator for ETH/USD is currently in the bearish zone, showing a loss of momentum. The RSI indicator is also below the 50 level.
Major support is seen at $2,300, while major resistance is at $2,390.
Source: ETHUSD on TradingView.com
Hot Take: Ethereum’s Price Struggles to Recover Above Key Resistance Levels
Ethereum continues to face challenges in its attempt to regain bullish momentum. Despite breaking above a bearish trend line, the price remains below key resistance levels and the 100-hourly Simple Moving Average. If Ethereum fails to clear the immediate resistance at $2,390, it could experience another decline and find support around $2,320 or even lower at $2,300. Technical indicators suggest a bearish sentiment in the market as the MACD shows a loss of momentum and the RSI is below 50. Traders should closely monitor these levels and indicators to assess Ethereum’s future price movements.
