Ethereum Price Drops Below $2,500 with New Bearish Trend Forming
Ethereum price extended losses, trading below the $2,500 support. ETH is consolidating and may struggle to recover above the $2,500 resistance.
- Ethereum started a decline from the $2,550 resistance zone.
- The price is trading below $2,480 and the 100-hourly Simple Moving Average.
- A new bearish trend line is forming with resistance at $2,445 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could initiate a recovery if it surpasses the $2,445 and $2,500 resistance levels.
Ethereum Price Extends Losses
Ethereum struggled to maintain above $2,500 and began a decline similar to Bitcoin. ETH fell below the $2,450 and $2,420 levels, testing the $2,350 support zone, forming a low at $2,357 before attempting recovery.
The price moved above the $2,385 resistance zone and tested the 23.6% Fib retracement level from the $2,583 swing high to the $2,357 low. Currently, Ethereum trades below $2,500 and the 100-hourly Simple Moving Average. The new bearish trend line forms resistance at $2,445.
Upside hurdles exist near $2,445 and the trend line, with major resistance at $2,470 or the 50% Fib retracement level from the $2,583 swing high to the $2,357 low.
The main resistance is now at $2,500. A clear move above this level may lead to a rise toward $2,550, and further gains could push Ether toward the $2,620 resistance zone.
Another Decline In ETH?
If Ethereum does not breach the $2,445 resistance, it may face another decline. Initial support is near the $2,380 level, with major support at $2,350. A move below $2,350 could result in a drop toward $2,285, while continued losses might push the price to $2,220. The next key support level is at $2,150.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI: The RSI for ETH/USD is below the 50 zone.
Major Support Level: $2,360
Major Resistance Level: $2,500