ethereum price had difficulty breaking above $2,550 and $2,580. eth started a new decline like bitcoin and traded below the $2,500 support zone.
- ethereum attempted a new rise but failed to surpass $2,550.
- The price is trading below $2,500 and the 100 hourly simple moving average.
- A connecting bearish trend line is forming with resistance near $2,480 on the hourly chart of eth/USD (data via Kraken).
- The pair continues to decline if there is a move below the $2,425 support.
ethereum price extends its decline
ethereum price struggled to gain pace to break above the $2,550 and $2,580 resistance levels. eth formed a short-term high and began a new decline below $2,500 like bitcoin.
There was a move below the $2,450 level. A new weekly low was formed near $2,424 and the price is now consolidating losses. There was a minor rise above the $2,450 level, but the bears were active near the 23.6% Fibonacci retracement level of the downward move from the high of $2,614 to the low of $2,424.
ethereum is now trading below $2,500 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $2,465 level. The next hurdle could be $2,480. There is also a connecting bearish trend line forming with resistance near $2,480 on the hourly chart of eth/USD.
The next major resistance is now near $2,520. A clear move above the $2,520 level could start a decent rise. In the indicated case, the price could rise towards the $2,580 level.
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Fountain: ETHUSD on TradingView.com
The next key hurdle lies near the $2,620 area. A close above the $2,620 resistance could start another steady rise. The next key resistance is near $2,680. Any further gains could send the price towards the $2,720 zone.
More losses on eth?
If ethereum fails to overcome the $2,520 resistance, it could start another decline. Initial support on the downside is near the $2,440 level.
The next key support could be the $2,425 area. A downside break below the $2,425 support could push the price down further. In the given case, Ether could test the support at $2,350. Any further losses could send the price towards the $2,320 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $2,425
Main Resistance Level: $2,520
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