Ethereum price struggled to rise above USD 2,550 and USD 2,580. ETH, like Bitcoin, started a new decline and traded below the $2,500 support zone.
- Ethereum attempted another surge but failed to surpass $2,550.
- The price is trading below $2,500 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance near $2,480 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair continues to fall if there is a move below the $2,425 support.
Ethereum price extends decline
Ethereum price struggled to pace a move above the USD 2,550 and USD 2,580 resistance levels. ETH formed a short-term top and, like Bitcoin, started a new decline below $2,500.
There was a move below the USD 2,450 level. A new weekly low was formed near $2,424 and the price is now consolidating losses. There was a small increase above the $2,450 level, but the bears were active near the 23.6% Fib retracement level of the downward move from the $2,614 swing high to the $2,424 low.
Ethereum is now trading below $2,500 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance around the $2,465 level. The next hurdle could be $2,480. There is also a connecting bearish trendline forming with resistance around $2,480 on the hourly chart of ETH/USD.
The next major resistance is now near $2,520. A clear move above the USD 2,520 level could trigger a significant upside. In the mentioned case, the price could rise towards the USD 2,580 level.
Source: ETHUSD on TradingView.com
The next major hurdle is near the $2,620 zone. A close above the $2,620 resistance could trigger another steady rise. The next major resistance is near USD 2,680. Any further gains could send the price towards the $2,720 zone.
Lose more in ETH?
If Ethereum fails to clear the USD 2,520 resistance, it could trigger another decline. The initial downside support is near the $2,440 level.
The next major support could be the $2,425 zone. A downside break below the USD 2,425 support could push the price further down. In the said case, Ether could test the USD 2,350 support. Any further losses could send the price towards the USD 2,320 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $2,425
Major resistance level – $2,520
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