Ethereum Struggles to Break Resistance
Ethereum made an attempt to rise above the $2,550 and $2,580 resistance levels but was unsuccessful. As a result, the price declined below $2,500, similar to Bitcoin’s movement.
The price dropped below the $2,450 level and reached a new weekly low at around $2,424. It is currently consolidating losses and experienced a slight increase above $2,450. However, the bears were active near the 23.6% Fibonacci retracement level of the downward move from the $2,614 swing high to the $2,424 low.
Ethereum is now trading below $2,500 and the 100-hourly Simple Moving Average. There is resistance near the $2,465 level, followed by a bearish trend line forming at around $2,480 on the hourly chart of ETH/USD.
The next major resistance is around $2,520. A clear breakthrough above this level could lead to a decent increase towards $2,580.
Will Ethereum Experience Further Losses?
If Ethereum fails to surpass the $2,520 resistance level, it may face another decline. The initial support on the downside is near $2,440.
The next key support level is around $2,425. If there is a break below this support level, it could result in further downward movement. In such a case, Ether might test the support at $2,350 and potentially drop towards $2,320.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is showing increasing bearish momentum.
Hourly RSI: The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,425
Major Resistance Level – $2,520
Hot Take: Ethereum Struggles to Break Resistance, More Losses Possible
Ethereum continues to face challenges in surpassing resistance levels, resulting in a decline below $2,500. The next key hurdle is at $2,520, and if not cleared, Ethereum may experience further losses. The immediate support levels are at $2,440 and $2,425. Technical indicators suggest increasing bearish momentum. However, a breakthrough above the resistance level of $2,520 could lead to a potential increase towards $2,580. Traders should closely monitor the price movement and key support and resistance levels to make informed trading decisions.
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