The recent decline in Ethereum’s price has been significant, with the cryptocurrency trading below $2,550 and the 100-hourly Simple Moving Average. This downward trend has raised concerns among investors and traders alike, as ETH struggles to maintain its value in the volatile crypto market.
Despite a minor recovery wave above the $2,420 and $2,440 levels, Ethereum continues to face major resistance near the $2,500 level. The first significant resistance lies at $2,550, with a bearish trend line forming at $2,575 on the hourly chart of ETH/USD. This resistance level poses a significant challenge for Ether’s price movement in the near future.
If ETH manages to stay above the $2,400 support zone, there is a possibility of a recovery wave in the coming days. A close above the $2,550 level could potentially push the price towards the $2,600 resistance or even the $2,660 level. However, failure to clear the $2,500 resistance might force Ethereum to continue its downward trajectory.
Technical Indicators
The Hourly MACD for ETH/USD is currently gaining momentum in the bearish zone, indicating a negative outlook for Ethereum’s price in the short term. Additionally, the Hourly RSI is now below the 50 zone, further confirming the bearish sentiment surrounding Ether’s value.
Ethereum’s price decline below key support levels has created a challenging environment for traders and investors. While there is a possibility of a recovery wave if ETH manages to remain above the $2,400 support zone, the presence of strong resistance at $2,500 and $2,550 poses a significant obstacle for Ether’s price movement. As the crypto market continues to be highly volatile, it remains to be seen how Ethereum will fare in the coming days.
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