ETH Price Update: Fresh Decline Below Key Levels
Unfortunately, Ethereum has started a new decline, falling below the critical $2,550 level. Currently, the price is trading under $2,500 and the 100-hourly Simple Moving Average, indicating a potential bearish trend.
Connecting Bearish Trend Line
On the hourly chart of ETH/USD, there is confirmation of a connecting bearish trend line forming with resistance at $2,500. In order to reverse this trend, the pair must hold above $2,400 to see any chance of an increase in the near future.
Price Extends Losses
- Ethereum price failed to maintain above the $2,620 support level, resulting in extended losses.
- ETH dropped below $2,550 and $2,500 levels, similar to Bitcoin’s movement.
- Testing the $2,400 support, a low was established near $2,401.
Recovery Attempt
- After hitting the low, Ethereum is currently making an effort towards a recovery wave.
- It has surpassed the $2,420 mark and is now eyeing the 23.6% Fib retracement level.
Potential Upside
- Despite the current bearish trend, there are resistance levels to watch out for near $2,500 and the 100-hourly SMA.
- A breakout above $2,550 could push Ether towards the $2,620 resistance zone.
- Further resistance is anticipated near $2,660 and potentially $2,800 in the short term.
Downside Risk for ETH
Should Ethereum fail to breach the $2,500 resistance, we might see a continuation of the decline. The initial support is at $2,420, followed by a major support zone around $2,400.
Potential Support Levels
- If the price drops below $2,400, the next support levels to watch are $2,320 and $2,250.
- The critical support zone sits at $2,110, where bulls could potentially step in to defend further losses.
Technical Indicators
- Hourly MACD: Indicates gaining momentum in the bearish zone for ETH/USD.
- Hourly RSI: Currently below the 50 zone, suggesting a bearish sentiment for ETH/USD.
Major Support Level: $2,400
Major Resistance Level: $2,500
Hot Take: Stay Informed for Potential Market Movements
Keep an eye on Ethereum’s price action to gauge potential market movements. Understanding key support and resistance levels can help you make informed decisions when trading ETH. Stay updated with the latest technical indicators to stay on top of the market trends.
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