Ethereum ’s price has dipped further, falling beneath the $2,450 level, and currently finds itself in a consolidation phase. The cryptocurrency is expected to face difficulties in regaining ground above the crucial $2,425 resistance level.
Trading has now shifted below the $2,400 level, with Ethereum operating beneath $2,420 and the key 100-hourly Simple Moving Average. Additionally, a bearish trend line is emerging, indicating resistance around the $2,425 level on the ETH/usd hourly chart. For a potential resurgence, Ethereum needs to maintain support above the $2,350 level.
Currently, Ethereum remains entrenched in a bearish environment, having registered losses below both the $2,550 and $2,450 support levels. The price has dropped past $2,400, establishing a low near $2,352, although it has seen a minor rebound to just above the $2,365 level. Still, the price remains positioned under the 23.6% Fibonacci retracement threshold of the downtrend from a recent high of $2,655 to the $2,352 low.
Resistance continues to be a challenge for Ethereum , specifically around the $2,420 zone. The first significant resistance level is observed at $2,500, coinciding with the 50% retracement level from the drop that started at $2,655, while further resistance can be identified near $2,535.
If Ethereum can break through the $2,535 resistance, it may signal potential gains ahead, with targets set for the $2,650 area in the near term, followed by additional hurdles at the $2,680 and $2,665 levels. Conversely, should the price fail to surpass the $2,420 resistance, Ethereum may continue its downward trajectory, with initial support at $2,350 and significant backing found at the $2,320 level. A decisive drop below this could lead the price toward $2,250, with further losses possibly extending to the $2,150 support level.
Currently, technical indicators reveal that the market sentiment remains bearish, as noted by the MACD gaining momentum in negative territory and the RSI positioning below the neutral 50 level. The critical levels to observe are the support at $2,350 and resistance at $2,420.
