Ethereum price faced a struggle to maintain its position above the $2,700 mark, initiating a downward correction below the $2,650 support level similar to Bitcoin. The drop continued past the $2,600 mark, forming a low near $2,575. Currently, Ethereum is consolidating its losses with a minor rise above $2,600, reaching above the 23.6% Fibonacci retracement level from the $2,672 swing high to the $2,575 low.
Ethereum’s price is now trading below $2,640 and the 100-hour Simple Moving Average, encountering obstacles near the $2,625 level. A significant bearish trend line has emerged, with resistance seen at $2,630 on the hourly ETH/USD chart. This trend line is near the 50% Fibonacci retracement level of the previously mentioned downward move.
The primary resistance stands near the $2,650 mark, with another key resistance at $2,665. Breaking above the $2,665 resistance could signal further gains, potentially propelling Ether towards the $2,700 resistance zone. Additional resistance is anticipated near $2,720 or $2,800.
Should Ethereum fail to surpass the $2,630 resistance, it may continue to fall. The initial support on the downside is approximately $2,600, with substantial support near the $2,550 area. A clear decline below the $2,550 support could drive prices further down to around $2,500, and persistent losses might send the value towards the $2,450 support level. The next critical support lies at $2,320.
Technical indicators show that the hourly MACD for ETH/USD is losing momentum within the bearish zone, while the hourly RSI for ETH/USD has dropped below the 50 level. Major support is at $2,575, and significant resistance stands at $2,630.
