Ethereum ’s price is facing downward pressure, trading below the critical $2,650 resistance level. Currently, it is hovering around the $2,600 support, which may present several challenges as it attempts to stabilize.
Starting its descent from above $2,700, Ethereum experienced a correction as it dropped below $2,650. This move mirrored the trend seen in Bitcoin ’s recent performance. The price has notably dipped under the $2,600 level, establishing a low near $2,575. Presently, Ethereum is in a consolidation phase, experiencing a slight uptick beyond $2,600 but remains constrained below the 100-hourly Simple Moving Average.
The price dynamics indicate that Ethereum is encountering resistance around $2,625. A significant bearish trend line is currently forming, with a key resistance identified at $2,630 on the hourly chart. This resistance coincides with the 50% Fibonacci retracement level derived from the decline starting at the $2,672 high down to the $2,575 low. For Ethereum to regain strength, it must breach the immediate resistance near $2,650, with subsequent hurdles at approximately $2,665.
Should the price successfully navigate above the $2,665 level, it could indicate potential for further gains in the sessions ahead, with aspirations towards $2,700 and possibly touching $2,720 or $2,800. Conversely, if Ethereum struggles to overcome the $2,630 resistance, it could be poised for further losses. The initial downside support rests at $2,600, with the primary support is set at $2,550. A breakdown below this level could see Ethereum testing the $2,500 level, and any extended declines may bring the price down to $2,450, with critical support lurking at the $2,320 level.
In terms of technical overview, the hourly MACD indicates waning momentum in the bearish territory, while the RSI has slipped below the neutral level of 50, reflecting a cautious outlook for ETH’s immediate future.
