Ethereum has experienced a notable decline, testing the crucial $2,350 support level as it struggles to gain upward momentum. Currently, Ethereum is consolidating just above $2,420, slightly above the 100-hour Simple Moving Average. A recent analysis revealed that the price fell below the $2,400 level and broke through a short-term rising channel, indicating further bearish sentiment in the market.
After failing to maintain a rally past the $2,500 level, Ethereum ’s price dropped alongside Bitcoin , falling below the $2,420 and $2,400 support zones. Following this downward movement, the asset reached a low of $2,350 before bouncing back slightly. A recovery above the $2,350 and $2,360 levels occurred, with the price managing to surpass the 23.6% Fibonacci retracement level from the recent high of $2,467 to the low at $2,350.
Despite the slight rebound, Ethereum is still facing resistance around the $2,400 level and the 50% Fibonacci retracement level, which stands at $2,410. A decisive breakthrough above the $2,410 resistance could pave the way for a potential rise toward $2,450, with further gains possibly pushing the price to the $2,550 resistance zone. Beyond that, the next significant hurdles are located near the $2,600 and $2,620 levels.
Conversely, if Ethereum remains unable to overcome the $2,410 resistance, it risks another decline. Initial support is anticipated around the $2,365 level, with the first major support situated at the $2,350 level. A substantial drop below $2,350 could lead the price toward $2,300, and further losses may test the support around $2,250. The overall market direction remains contingent on whether Ethereum can reclaim upward momentum in the near term.
