ethereum price started a fresh decline below the $2,550 support. eth is struggling and could recover if it breaks the $2,500 resistance zone.
- ethereum started a fresh decline from the $2,650 resistance zone.
- The price is trading below $2,500 and the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance at $2,450 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a recovery wave if it breaks the $2,500 and $2,550 resistance levels.
ethereum price is affected
ethereum price struggled to stay above $2,550 and began a new decline like bitcoin. eth fell below the $2,520 and $2,500 levels.
It tested the $2,420 support zone. A low was formed at $2,411 and the price is now trying to recover. There was a move above the $2,450 resistance zone. The price rose above the 23.6% Fibonacci retracement level of the downward move from the high of $2,582 to the low of $2,411.
Additionally, there was a break above a connecting bearish trend line with resistance at $2,450 on the hourly chart of eth/USD. ethereum price is now trading below $2,500 and the 100 hourly simple moving average.
On the upside, the price seems to face obstacles near the $2,500 level and the 50% Fibonacci retracement level of the downward move from the high of $2,582 to the low of $2,411. The first major resistance is near the $2,520 level. The main resistance is now forming near $2,550.
<img class="wp-image-651446 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/11/Ethereum-Price-Turns-Red-Is-This-a-Temporary-Drop.png" alt="ethereum Price” srcset=”https://www.newsbtc.com/wp-content/uploads/2024/11/Ethereum_2b9f17.png?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/11/Ethereum_2b9f17.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/11/Ethereum_2b9f17.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/11/Ethereum_2b9f17.png?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/11/Ethereum_2b9f17.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/11/Ethereum_2b9f17.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/11/Ethereum_2b9f17.png?w=1140 1140w” />
A clear move above the $2,550 resistance could send the price towards the $2,600 resistance. A bullish break above the $2,600 resistance could require further gains in the coming sessions. In the given case, Ether could rise towards the $2,650 resistance zone.
Another drop in eth?
If ethereum fails to overcome the $2,500 resistance, it could start another decline. Initial support on the downside is near the $2,450 level. The first major support lies near the $2,400 zone.
A clear move below the $2,400 support could push the price towards $2,350. Any further losses could send the price towards the $2,320 support level in the near term. The next key support lies at $2,250.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 zone.
Main Support Level: $2,420
Main resistance level: $2,500
