Ethereum price has taken a hit recently, with a decline below the $2,550 support level. This has resulted in ETH potentially diving towards the $2,250 support zone, indicating a bearish trend in the near future. The price is currently trading below $2,500 and the 100-hourly Simple Moving Average, making it a critical time for Ethereum traders.
Looking at the hourly chart of ETH/USD, we can see a connecting bearish trend line forming with resistance at $2,500. This resistance level needs to be overcome for any chance of a bullish movement. The price is currently testing the 23.6% Fib retracement level, indicating the potential for a recovery wave. However, Ethereum is still trading below the 100-hourly Simple Moving Average, adding to the bearish sentiment in the market.
On the upside, Ethereum is facing hurdles near the $2,500 level, followed by the 50% Fib retracement level. The first major resistance is at $2,550, which needs to be cleared for a potential move towards the $2,620 resistance. Failure to do so could result in another decline, with initial support near $2,420 and the first major support at the $2,400 zone. Any further losses might push the price towards the $2,250 support level, with the next key support at $2,110.
The Hourly MACD for ETH/USD is currently gaining momentum in the bearish zone, indicating a negative outlook for Ethereum price. Similarly, the Hourly RSI is now below the 50 zone, further confirming the bearish sentiment in the market.
Ethereum price is facing significant challenges and obstacles, with a potential decline towards the $2,250 support level. Traders need to monitor key resistance and support levels closely to assess the market sentiment and make informed trading decisions.