Ethereum price started a fresh decline from the $2,720 resistance. ETH is back below $2,550 and might struggle to start a fresh increase in the short term.
Ethereum Price Dives Below $2,550Ethereum price struggled to stay above $2,650 and started a fresh decline like . ETH declined heavily below the $2,620 and $2,600 levels.There was a break below a key bullish trend line with support at $2,560 on the hourly chart of ETH/USD. The pair declined below the 50% Fib retracement level of the upward wave from the $2,488 swing low to the $2,719 high. The bears even pushed the price below $2,550.Ethereum price is now trading below $2,550 and the . It is now approaching the $2,460 support zone and the 61.8% Fib retracement level of the upward wave from the $2,488 swing low to the $2,719 high.On the upside, the price seems to be facing hurdles near the $2,550 level. The first major resistance is near the $2,580 level. The main resistance is now forming near $2,610. A clear move above the $2,610 resistance might send the price toward the $2,650 resistance.(Click on image to enlarge)An upside break above the $2,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2.720 resistance zone.
More Downsides In ETH?If Ethereum fails to clear the $2,550 resistance, it could continue to move down. Initial support on the downside is near the $2,480 level. The first major support sits near the $2,450 zone.A clear move below the $2,450 support might push the price toward $2,380. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,250.Technical IndicatorsHourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.Hourly RSI – The RSI for ETH/USD is now below the 50 zone.Major Support Level – $2,450Major Resistance Level – $2,550More By This Author:It’s ‘Time To Be Bullish On Ethereum’ As ETH Retests $2,700Bitcoin Consolidates Near ATH – Volume Suggests A Big Move AheadBitcoin Price Targets Fresh ATH: Will It Make History Again?
