Ethereum price started a fresh decline below the $2,550 zone. ETH is now showing a few bearish signs below the $2,500 pivot level.
Ethereum began its decline after failing to surpass $2,650, similar to Bitcoin. The price dropped below the $2,565 and $2,550 support levels, and there was a break below a key rising channel with support at $2,610 on the hourly chart of ETH/USD.
The pair even dipped below the $2,500 support level, forming a low at $2,394. Currently, the price is consolidating losses and trading below $2,500 and the 100-hourly Simple Moving Average.
On the upside, resistance is expected near the $2,460 level, close to the 23.6% Fib retracement level of the downward move from the $2,680 swing high to the $2,394 low. The next key resistance is near the $2,500 level, with the first major resistance around $2,540, close to the 50% Fib retracement level.
A clear move above the $2,540 resistance might push the price toward the $2,600 resistance. An upside break above $2,600 could lead to further gains, potentially reaching the $2,650 resistance zone or even $2,720 soon.
If Ethereum fails to break the $2,500 resistance, it may start a fresh decline. Initial support is near the $2,400 level, with major support at $2,380. A clear move below $2,380 could push the price toward the $2,350 support, and further losses might send it to the $2,320 support level in the near term.
The next key support is at $2,250.
Technical Indicators: Hourly MACD is gaining momentum in the bearish zone, and the RSI for ETH/USD is now below the 50 zone. Major support level is $2,320, while major resistance level is $2,500.
