Ethereum price extended losses and traded below the $2,500 support. ETH is consolidating and might struggle to recover above the $2,500 resistance.
Ethereum Price Extends LossesEthereum price struggled to stay above $2,500 and started a fresh decline like . ETH declined below the $2,450 and $2,420 levels.It tested the $2,350 support zone. A low was formed at $2,357 and the price is now attempting to recover. There was a move above the $2,385 resistance zone. The price tested the 23.6% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.Ethereum price is now trading below $2,500 and the . There is also a new connecting bearish trend line forming with resistance at $2,445 on the hourly chart of ETH/USD.On the upside, the price seems to be facing hurdles near the $2,445 level and the trend line. The first major resistance is near the $2,470 level or the 50% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.(Click on image to enlarge)The main resistance is now forming near $2,500. A clear move above the $2,500 resistance might send the price toward the $2,550 resistance. An upside break above the $2,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,620 resistance zone.
Another Decline In ETH?If Ethereum fails to clear the $2,445 resistance, it could start another decline. Initial support on the downside is near the $2,380 level. The first major support sits near the $2,350 zone.A clear move below the $2,350 support might push the price toward $2,285. Any more losses might send the price toward the $2,220 support level in the near term. The next key support sits at $2,150.Technical IndicatorsHourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.Hourly RSI – The RSI for ETH/USD is now below the 50 zone.Major Support Level – $2,360Major Resistance Level – $2,500More By This Author:Bitcoin Price Forecast: What To Expect In The Final 24 Hours Before U.S. ElectionADA Slips Below $0.3389 Level, Deeper Downtrend Looming?Bitcoin Price Eyes $70K Comeback: Will Bulls Push It Higher?
