Ethereum Price Declines Below $2,600 Amidst Fresh Downtrend
Ethereum price is declining, trading below $2,580 after failing to maintain levels above $2,600.
- Price started correction from the $2,650 zone.
- Traded below $2,600 and the 100-hourly Simple Moving Average.
- Key bearish trend line resistance at $2,500 was broken on the hourly chart.
- Potential losses if trading remains below $2,470 support.
Current Price Movement
Ethereum has formed a low at $2,470 and is consolidating losses. It briefly moved above $2,500 but remains below $2,600.
The next resistance levels are at $2,550, $2,600, and $2,620, with a potential move towards $2,720 if cleared.
Outlook for ETH
If Ethereum does not surpass the $2,600 resistance, it may decline further. Key support levels include:
- $2,500
- $2,470
- $2,420
- $2,350
- $2,320
Technical indicators show bearish momentum: MACD gaining strength in the bearish zone and RSI below 50.