Ethereum Price Drops Below $2,550 Amid Fresh Decline
Ethereum price declined from the $2,720 resistance, falling below $2,550 and may face challenges in initiating a new increase short term.
- Decline began at the $2,720 resistance zone.
- Current trading is below $2,550 and the 100-hourly Simple Moving Average.
- A break occurred below the bullish trend line with support at $2,560 on the ETH/USD hourly chart (data feed via Kraken).
- Further losses are likely if the price cannot maintain above the $2,450 support zone.
Ethereum Price Dives Below $2,550
Ethereum struggled to hold above $2,650, mirroring Bitcoin's decline. It fell significantly below the $2,620 and $2,600 levels.
A crucial break below the bullish trend line at $2,560 led to a decline past the 50% Fibonacci retracement level of the upward move from the $2,488 swing low to the $2,719 high. The price dropped beneath $2,550.
Currently, Ethereum trades below $2,550 and the 100-hourly Simple Moving Average, nearing the $2,460 support zone and the 61.8% Fibonacci retracement level of the upward wave from $2,488 to $2,719.
On the upside, resistance is encountered near $2,550, with initial resistance at $2,580 and main resistance forming near $2,610. A clear breach above $2,610 could lead to a rise towards the $2,650 resistance.
A breakout above $2,650 may indicate potential gains in subsequent sessions, possibly advancing towards the $2,720 resistance zone.
More Downsides In ETH?
If Ethereum does not surpass the $2,550 resistance, further declines could occur. Initial support is near $2,480, with major support around $2,450.
A drop below $2,450 may lead the price toward $2,380, while additional losses could bring it down to the $2,320 support level, with the next significant support at $2,250.
Technical Indicators:
Hourly MACD: The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI: The RSI for ETH/USD is currently below the 50 level.
Major Support Level: $2,450
Major Resistance Level: $2,550