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8 hour ago
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BEARISH 📉 : Ethereum price struggles to maintain support, risks further decline

Ethereum Price Analysis

  • Ethereum's price continues to decline, breaking below $2,420 and $2,300.
  • Currently trading under $2,350 and the 100-hourly Simple Moving Average.
  • A significant bearish trend line is forming with resistance at $2,350 on the ETH/USD hourly chart.
  • The price is attempting recovery from a low of $2,155 but faces hurdles near $2,365.

Resistance and Support Levels

  • If bulls push above $2,250, immediate resistance is at $2,350, with key resistances at $2,365 and $2,450.
  • A breach above $2,450 might target $2,600 or the 50% Fib retracement from $3,040 to $2,155.
  • Further gains could lead to $2,700 or $2,720.

Ethereum Price

Potential Decline

  • If unable to surpass $2,365, Ethereum may decline again.
  • Initial support is at $2,250, followed by major support at $2,220.
  • A drop below $2,220 could drive prices to $2,150 or even $2,120.
  • Main support is projected around $2,000.

Technical Indicators

  • Hourly MACD: Gaining momentum in the bearish zone.
  • Hourly RSI: Below the 50 zone.

Key Levels

  • Major Support Level: $2,220
  • Major Resistance Level: $2,365