Ethereum price has seen a significant decline, dropping below key support levels and currently trading below $2,550 as well as the 100-hourly Simple Moving Average. The hourly MACD for ETH/USD is gaining momentum in the bearish zone, while the hourly RSI is now below the 50 zone.
A key bearish trend line has formed with resistance at $2,575 on the hourly chart of ETH/USD. In order for Ethereum to start a recovery wave, it must stay above the $2,400 support level. The price could face resistance near the $2,500 level, with the first major resistance sitting at $2,550. If Ethereum is able to break above this level, it could head towards the $2,600 resistance or the 50% Fib retracement level from the recent swing high to low.
On the downside, initial support is seen near $2,420, with the first major support at the $2,400 zone. A clear move below this level could push the price towards $2,350, where bullish activity might emerge. Further losses could potentially send the price down to $2,220 support level, with the next key support at $2,150.
Despite a minor recovery wave above $2,420 and $2,440 levels, Ethereum is struggling to regain bullish momentum. With a recent low at $2,394, the price is currently consolidating losses. The failure to clear the $2,500 resistance could result in further downward movement. An upside break above the $2,660 resistance, on the other hand, might propel the price higher towards the $2,880 resistance zone in the short term.
Ethereum price has experienced a significant decline and is currently struggling to recover above key resistance levels. Maintaining support above $2,400 will be crucial for a potential recovery wave, while breaking below this level could lead to further losses. Traders and investors should closely monitor the price action and key levels to gauge the future direction of Ethereum.
