Ethereum Price Declines Below $2,500 Amid Resistance Challenges

Ethereum price has declined below the $2,550 support level and is facing challenges in recovering unless it exceeds the $2,500 resistance zone.

ETH started a decline from the $2,650 resistance zone.
The price trades below $2,500 and the 100-hourly Simple Moving Average.
A break above a bearish trend line with resistance at $2,450 occurred on the hourly chart of ETH/USD (data feed via Kraken).
The pair may initiate a recovery if it surpasses the $2,500 and $2,550 resistance levels.

Ethereum Price Takes Hit

Ethereum price struggled to maintain levels above $2,550, declining similarly to Bitcoin. ETH fell below $2,520 and $2,500, testing the $2,420 support zone. A low was recorded at $2,411, with subsequent attempts at recovery. The price rose above the $2,450 resistance zone and surpassed the 23.6% Fibonacci retracement level of the downward move from the $2,582 swing high to the $2,411 low.

Additionally, there was a break above a connecting bearish trend line at $2,450. Currently, Ethereum trades below $2,500 and the 100-hourly Simple Moving Average.

Resistance near $2,500 and the 50% Fibonacci retracement level from the recent decline presents obstacles for upward movement. Key resistance levels are at $2,520 and $2,550.

A decisive move above the $2,550 resistance could push the price towards $2,600, with further gains possible towards the $2,650 region.

Another Decline In ETH?

If Ethereum does not surpass the $2,500 resistance, another decline may occur. Initial support is near $2,450, with major support at approximately $2,400. A drop below $2,400 could lead to a further decline toward $2,350 and potentially down to $2,320. The next significant support level is at $2,250.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI: The RSI for ETH/USD is currently above the 50 level.

Major Support Level: $2,420

Major Resistance Level: $2,500