Ethereum Price Declines Over 10% and Attempts Recovery from $2,300

Ethereum Price Analysis

Ethereum (ETH) has declined over 10% from the $2,550 resistance zone and is currently attempting to recover from the $2,300 area.

• ETH trades below $2,550 and the 100-hourly Simple Moving Average.
• A bearish trend line forms with resistance at $2,500 on the hourly chart.
• For recovery, ETH must settle above $2,500 and $2,550.
• Initial support levels are near $2,420 and $2,350, with a critical support at $2,300.
• Main resistance is at $2,580, followed by $2,650.

The price failed to break the $2,650 resistance, leading to a drop below $2,500. After reaching a low of $2,309, ETH is trying to consolidate losses. A recovery attempt is underway, but challenges remain at key resistance levels.

Should ETH fail to surpass the $2,580 level, it may face further declines towards $2,200 or even $2,120.

Technical indicators show that the MACD is losing momentum in the bearish zone, while the RSI is above 50.