The Ethereum price recently faced a pullback from the strong resistance level at $2,680. This decline has put ETH at risk of further downside if it does not manage to hold above $2,550. The price is currently trading below both $2,650 and the 100-hourly Simple Moving Average, indicating a bearish trend in the short term.
There is a key bullish trend line forming with support at $2,610. If Ethereum fails to stay above this level, it could extend its losses and drop below the $2,550 support zone. On the upside, the first major resistance is near $2,680, followed by $2,720. A clear break above $2,720 could send the price towards the $2,880 resistance zone. However, if Ethereum fails to clear the $2,680 resistance, it is likely to continue its downward movement.
The hourly MACD for ETH/USD is gaining momentum in the bearish zone, indicating increasing selling pressure. The hourly RSI is currently below the 50 zone, signaling a bearish sentiment among traders. These technical indicators suggest that Ethereum is facing strong resistance at $2,680 and could see further downside in the near term.
The Ethereum price is struggling to move above the $2,680 resistance level. The failure to break above this level has resulted in a pullback towards the $2,550 support zone. If Ethereum fails to hold above $2,550, it could face more downside pressure in the coming days. Traders should keep an eye on the key support and resistance levels mentioned above to determine the future direction of Ethereum price movements.
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