Ethereum Price Declines Over 10% Below $2,550 Support Level
Ethereum Price Analysis
- Ethereum has declined over 10% from the $2,850 resistance zone.
- Current trading is below $2,750 and the 100-hourly Simple Moving Average.
- A bearish trend line forms with resistance at $2,600 on the ETH/USD hourly chart.
- Price struggles to maintain levels above $2,500; a low was noted at $2,458.
- Initial resistance is near $2,600 with major resistance at $2,650.
- If it breaks $2,650, potential upward movement toward $2,750 and $2,850 may occur.
- Failure to clear $2,600 could lead to declines toward $2,450 or lower support levels ($2,320 and $2,250).
- Technical indicators show bearish momentum; MACD gaining in the bearish zone, RSI below 50.
