Ethereum ’s price movement has continued to demonstrate bearish tendencies, slipping below the $2,350 level recently. This decline has positioned ETH in a challenging market, as it now attempts to recover from these losses but faces significant resistance levels.
Currently, Ethereum is trading underneath $2,400 and the 100-hourly Simple Moving Average, suggesting continued downward pressure. The technical indicators reveal a bearish trend line forming with resistance established at the $2,400 level on the hourly chart, indicating that the cryptocurrency must breach both this level and an additional resistance at $2,420 to facilitate a more substantial upward movement.
Following a drop past the critical $2,350 support, Ethereum ’s price touched a low near $2,311 before attempting a modest recovery. Although there was a slight rebound above the $2,350 level, ETH remains submerged below the 23.6% Fibonacci retracement level of the previous price decline from a peak of $2,655 down to the recent low.
Should Ethereum successfully move above the $2,400 resistance, it has the potential for greater gains, potentially targeting the $2,480 resistance next. This area is close to the 50% Fibonacci retracement level, which could act as a pivotal point for further upward momentum. If this upward trajectory continues, ETH could aim for the $2,550 and possibly the $2,665 zones.
Conversely, failure to overcome the $2,400 resistance level could set the stage for further declines. Immediate support lies at $2,350, and a breakdown below $2,300 may lead to significant downside, potentially resulting in prices revisiting $2,220 and even approaching lower support levels of $2,120 and $2,050 in the near term. Monitoring these resistance and support levels will be crucial as Ethereum navigates its current market conditions.
