ethereum price is gaining pace below the $2,550 resistance. eth is now trading above $2,500 but could struggle to recover above $2,550.
- ethereum started a downward correction below the $2,550 zone.
- The price is trading below $2,520 and the 100 hourly simple moving average.
- A short-term consolidation pattern is forming with resistance at $2,500 on the hourly chart of eth/USD (data via Kraken).
- The pair must hold above the $2,420 support to start a fresh rise in the near term.
ethereum price drops 5%
ethereum price remained in a bearish zone and extended losses below the $2,600 level. eth traded below the $2,550 support to enter a bearish zone like bitcoin. There was also a move below the $2,500 level.
A low was formed near $2,413 and the price is now consolidating losses. There was a minor increase above the $2,450 level. The price rose above the 23.6% Fibonacci retracement level of the downward move from the high of $2,655 to the low of $2,413.
ethereum price is now trading below $2,520 and the 100 hourly simple moving average. On the upside, the price seems to face obstacles near the $2,520 level. There is also a short-term consolidation pattern forming with resistance at $2,500 on the hourly chart of eth/USD.
The first major resistance is near the $2,535 level or the 50% Fibonacci retracement level of the downward move from the high of $2,655 to the low of $2,413. The next key resistance is near $2,550.
<img class="wp-image-645836 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/10/Ethereum-Price-Extends-Losses-Will-Downtrend-Continue.png" alt="ethereum Price” srcset=”https://www.newsbtc.com/wp-content/uploads/2024/10/Ethereum_5fb4ba.png?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/10/Ethereum_5fb4ba.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/10/Ethereum_5fb4ba.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/10/Ethereum_5fb4ba.png?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/10/Ethereum_5fb4ba.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/10/Ethereum_5fb4ba.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/10/Ethereum_5fb4ba.png?w=1140 1140w” />
A bullish break above the $2,550 resistance could require more gains in the coming sessions. In the indicated case, Ether could rise towards the $2,620 resistance zone in the short term. The next hurdle is near the $2,650 or $2,665 level.
More losses on eth?
If ethereum fails to overcome the $2,520 resistance, it could continue lower. Initial support on the downside is near the $2,440 level. The first major support lies near the $2,420 area.
A clear move below the $2,420 support could push the price towards $2,350. Any further losses could send the price towards the $2,250 support level in the near term. The next key support lies at $2,120.
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 below the 50 zone.
Main Support Level: $2,420
Main Resistance Level: $2,550