Ethereum continued to fall below $2,700 against the US dollar. The ETH price is in trouble and could even fall below the $2,500 support.
- Ethereum began a significant decline below $2,800 as support.
- The current price trades below $2700, and the simple 100-hour moving average is at $2,700.
- A key bearish trend line is emerging with resistance close to $2,700 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- Although the pair may recover, bears could still be active at $2,650 or $2,700.
The Ethereum price turns red
Ethereum did not correct or recover from the $2,750 resistance level. ETH was below the $2,750 mark and the 100 hourly simple movement average.
There were also losses that fell below $2,650. Price fell to $2,550 and then gained speed. The price has been consolidating its losses and is currently at $2,511. A resistance area on the upside lies near $2,560.
Also, the Fib retracement level at 23.6% of the recent fall from the $2.752 swing high and low to $2.511 low are close to the $2.560 level. Near the $2650 level is the next significant resistance.
The 50% Fib Retracement Level of the decline from $2,752 swing high and $2,511 lowest is also near the $2650 level. Resistance is currently forming at the close of the $2720 level, and the 100-hourly simple moving average. A key bearish trendline is also visible on the hourly chart at ETH/USD. It shows resistance close to $2,700.
Source: TradingView.com, ETHUSD
An increase in price above $2,720 could signal a clear rise. If the above scenario is true, then the price might rise toward the $2880 resistance or even to $3,000.
What Are the Losses of ETH More?
It could begin a new decline if ethereum does not start a wave of recovery above $2,650. Support for the downside lies near the $2510 level, or at the most recent low.
Near the $2,500 mark is the next support. A negative break below $2,500 may trigger another big decline. Near the $2,420 mark is the next support. In the short term, any further losses could force a shift towards $2,000.
Technical Indicators
Hourly MACD – The MACD of ETH/USD continues to grow in the bearish area.
Hourly RSI – The RSI is currently below 50 for Ethereum/USD.
Major Support Level – $2,500
Major Resistance Level – $2,650
