Ethereum price started a fresh decline from the $2,620 resistance zone. ETH is now trading below $2,580 and might continue to move down.
- Ethereum started a downside correction below the $2,600 level.
- The price is trading below $2,600 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if it trades below the $2,470 support zone in the near term.
Ethereum Price Dips Again
Ethereum price started a fresh decline from the $2,650 support zone, similar to Bitcoin. The ETH price failed to recover from earlier losses and extended its decline below the $2,600 level.
Subsequently, the price dropped below the $2,550 level, establishing a low around $2,470 and is now consolidating these losses. The price did manage a brief move above the $2,500 level, with a notable break above a key bearish trend line on the hourly chart of ETH/USD.
The price tested the 23.6% Fibonacci retracement level of the downward move from the $2,787 swing high to the $2,470 low. At this time, Ethereum is trading below both the $2,600 threshold and the 100-hourly Simple Moving Average.
On the upside, the price could face resistance near the $2,550 level, followed by a crucial resistance near $2,600, and the first major resistance near $2,620. This level coincides with the 50% Fibonacci retracement level of the downward move from the $2,787 high to the $2,470 low. A decisive move above the $2,620 resistance could propel the price toward the $2,720 mark.
An upward breakout beyond the $2,720 resistance could signal further gains in the upcoming sessions, potentially allowing Ether to rise toward the $2,780 resistance zone or even reach $2,880 soon thereafter.
More Losses in ETH?
In the event that Ethereum cannot surpass the $2,600 resistance level, it may initiate a new decline. Initial support is identified near the $2,500 mark, while the first major support level lies around $2,470.
A definitive drop below the $2,470 support could send the price lower toward the $2,420 support level. Additional losses could escalate the price’s descent toward the $2,350 support level in the near term, with the next key support identified at $2,320.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,470
Major Resistance Level – $2,600
