Ethereum price has recently experienced a downside correction from the $2,700 zone and is currently consolidating. The cryptocurrency is struggling to maintain support above the $2,500 level, indicating a potential bearish trend in the market. The price has dipped below key levels such as $2,650 and $2,620, highlighting the challenges faced by ETH in recent trading sessions.
The hourly chart of ETH/USD shows a break below a connecting bullish trend line with support at $2,620, adding to the negative sentiment surrounding Ethereum price. Additionally, the price is trading below the 100-hourly Simple Moving Average, further indicating a possible bearish trend. The MACD for ETH/USD is gaining momentum in the bearish zone, and the RSI is now below the 50 zone, signaling a potential further downside movement in the price of Ethereum.
In terms of price levels, Ethereum faces strong resistance near the $2,600 level and the 100-hourly Simple Moving Average. A close above the $2,625 level could pave the way for a potential rally towards the $2,700 resistance zone. However, failure to break above the $2,625 resistance might result in a continuation of the downside movement. Initial support is seen near $2,520, with the first major support at the $2,500 zone. A clear break below $2,500 could lead to further losses, potentially pushing the price towards $2,450 and even $2,320 in the near term.
Looking ahead, Ethereum price seems to be at a critical juncture, with various technical indicators pointing towards a bearish trend. The struggle to maintain support above key levels and the failure to break above resistance levels are concerning signs for ETH traders and investors. It remains to be seen whether Ethereum can overcome these challenges and regain bullish momentum in the near future or if further downside movement is imminent. Traders should closely monitor price levels and technical indicators to make informed decisions amid the current market conditions.
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