Ethereum Price Declines Below $2,450 Amid Increased Selling Pressure

Ethereum Price Analysis

Ethereum price declined from the $2,450 resistance zone.
Current trading is below $2,500 and the 100-hourly Simple Moving Average.
A bearish trend line forms resistance at $2,390 on the hourly chart.
Potential recovery if it settles above $2,400 and $2,500.

Current Performance

Ethereum failed to breach the $2,550 resistance, leading to a decline of over 5%. The price fell below $2,320, reaching a low of $2,251 before consolidating losses.

Currently, ETH is trading below $2,450 and the 100-hourly Simple Moving Average. Resistance levels are noted at:

$2,380 (50% Fib retracement)
$2,420 (first major resistance)
$2,450 (main resistance)

A clear move above $2,450 could lead to an increase towards $2,500 and potentially $2,550 or $2,620.

Downside Risks

If Ethereum cannot surpass $2,500, it may decline further. Key support levels include:

$2,315 (initial support)
$2,250 (first major support)
$2,200 (next support)
$2,120 (additional downside risk)
$2,050 (key support)

Technical indicators show the MACD gaining momentum in the bearish zone and RSI below 50.