The price of Ethereum has begun a new decline, dropping below the $2,600 mark. Currently, ETH is consolidating its losses and may attempt to recover past the resistance at $2,550. The cryptocurrency fell below the $2,580 level and is trading under both the $2,550 threshold and the 100-hour Simple Moving Average.
On the hourly chart for ETH/USD, a rising channel is forming, with support positioned at $2,490. If Ethereum stabilizes above the $2,620 resistance level, it could initiate a fresh upward movement in the near future. The recent decline mirrors trends seen in Bitcoin, with ETH dropping below both the $2,550 and $2,540 levels. Bears pushed the price down past $2,500, testing the $2,450 zone before entering a consolidation phase.
A slight increase was observed above the $2,520 level, as the price climbed above the 23.6% Fibonacci retracement mark of the downward movement from the swing high of $2,680 to the low of $2,456. Currently, Ethereum is trading below $2,540 and the 100-hourly Simple Moving Average. The price may encounter resistance near the $2,540 level, while the next significant resistance is around $2,565, which aligns closely with the 50% Fibonacci retracement from the previous decline.
The primary resistance remains around the $2,620 level. A decisive move above this resistance could propel the price toward the $2,660 mark. Should Ethereum manage to break through the $2,660 resistance, further gains could be anticipated in the subsequent sessions, potentially pushing Ether toward the $2,720 resistance zone or even $2,800 in the near term.
Conversely, if Ethereum is unable to surpass the $2,565 resistance, a new decline could ensue. Initial support is identified near the $2,490 level, with significant support around the $2,455 zone. A clear drop below this level may lead to a decline toward $2,360, with further losses possibly pushing the price down to the $2,320 support level. The next critical support level is at $2,250.
Technical indicators reveal that the hourly MACD for ETH/USD is losing momentum within the bearish range, while the hourly RSI is currently above the 50 threshold.
In summary, the major support level is at $2,455, while the major resistance level stands at $2,565.
