Ethereum Struggles to Break $2,620 Resistance
Ethereum made an attempt to rise above the $2,620 level but was unsuccessful. The price is currently trading below $2,550 and the 100-hourly Simple Moving Average. A key bearish trend line is forming with resistance near $2,540 on the hourly chart of ETH/USD.
Ethereum Price Revisits Support
Ethereum’s price saw a fresh increase and surpassed the $2,520 resistance zone. However, it faced resistance near $2,600 and started to decline. The price is now trading below $2,550 and the 100-hourly Simple Moving Average.
The bulls are currently active above the 76.4% Fib retracement level of the upward wave from the $2,471 swing low to the $2,614 high. On the upside, there is resistance near the $2,540 level and a key bearish trend line forming on the hourly chart of ETH/USD.
Downside Break in ETH?
If Ethereum fails to break the $2,540 resistance level, it could experience another decline. The initial support on the downside is near $2,500, followed by a key support at $2,470. A break below this support may send the price even lower towards the $2,400 level.
Technical Indicators:
– Hourly MACD: The MACD for ETH/USD is showing momentum in the bearish zone.
– Hourly RSI: The RSI for ETH/USD is now below the 50 level.
Hot Take: Ethereum’s Price Struggles to Break Resistance
Ethereum has been facing strong resistance near the $2,540 level and is currently trading below key support levels. The failure to break through these levels may lead to a further decline in price. However, if the bulls manage to protect the support levels at $2,500 and $2,470, Ethereum could start another increase. Traders should closely monitor the price action and key levels to gauge the future direction of Ethereum.
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