Ethereum price has recently experienced a pullback from the $2,680 resistance level, signaling a potential decline in value. As it continues to trade below $2,680 and the 100-hourly Simple Moving Average, there is a high risk of more downsides if it fails to maintain above $2,550. This decline below the $2,650 level has raised concerns about the future trajectory of Ethereum’s price.
Despite the downward trend, a key bullish trend line has formed with support at $2,610 on the hourly chart of ETH/USD. This support level could play a crucial role in determining whether the price will continue to decline or if there is a possibility of a reversal. If Ethereum sees another increase in price, it might encounter hurdles near the $2,650 level, with the first major resistance sitting near $2,680. A close above this level could potentially send Ether towards the $2,720 resistance zone.
On the downside, initial support is expected near $2,620, with the first major support level near the $2,600 zone. A clear move below $2,600 could lead to a further decline towards $2,550, where bullish momentum may start to emerge. Any significant losses may bring the price closer to the $2,500 support level. However, the next key support is located at $2,440, presenting another crucial level to watch for Ethereum’s price movement.
Hourly technical indicators suggest that the MACD for ETH/USD is gaining momentum in the bearish zone, indicating a potential downward trend. Additionally, the RSI for ETH/USD is now below the 50 zone, further supporting the notion of a negative price movement. These technical indicators, combined with market sentiment, paint a cautious picture for Ethereum’s price outlook in the near term.
Ethereum’s price faces significant challenges as it struggles to break above key resistance levels. The current decline and potential downside risks highlight the importance of crucial support levels and trend lines. Traders and investors should closely monitor the price action and technical indicators to assess the future direction of Ethereum in the volatile cryptocurrency market.
