Home CryptocurrencyAnalysis Ethereum Price Falls Along with Bitcoin, Decoding Key Obstacles to Fresh Rise

Ethereum Price Falls Along with Bitcoin, Decoding Key Obstacles to Fresh Rise

by SuperiorInvest

Ethereum price had difficulty breaking above $2,550 and $2,580. ETH started a new decline like Bitcoin and traded below the $2,500 support zone.

  • Ethereum attempted a new rise but failed to surpass $2,550.
  • The price is trading below $2,500 and the 100 hourly simple moving average.
  • A connecting bearish trend line is forming with resistance near $2,480 on the hourly chart of ETH/USD (data via Kraken).
  • The pair continues to decline if there is a move below the $2,425 support.

Ethereum price extends its decline

Ethereum price struggled to gain pace to break above the $2,550 and $2,580 resistance levels. ETH formed a short-term high and began a new decline below $2,500 like Bitcoin.

There was a move below the $2,450 level. A new weekly low was formed near $2,424 and the price is now consolidating losses. There was a minor rise above the $2,450 level, but the bears were active near the 23.6% Fibonacci retracement level of the downward move from the high of $2,614 to the low of $2,424.

Ethereum is now trading below $2,500 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $2,465 level. The next hurdle could be $2,480. There is also a connecting bearish trend line forming with resistance near $2,480 on the hourly chart of ETH/USD.

The next major resistance is now near $2,520. A clear move above the $2,520 level could start a decent rise. In the indicated case, the price could rise towards the $2,580 level.

Source: ETHUSD on TradingView.com

The next key hurdle lies near the $2,620 area. A close above the $2,620 resistance could start another steady rise. The next key resistance is near $2,680. Any further gains could send the price towards the $2,720 zone.

More losses on ETH?

If Ethereum fails to overcome the $2,520 resistance, it could start another decline. Initial support on the downside is near the $2,440 level.

The next key support could be the $2,425 area. A downside break below the $2,425 support could push the price down further. In the given case, Ether could test the support at $2,350. Any further losses could send the price towards the $2,320 level.

Technical Indicators

MACD hourlyThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Main Support Level: $2,425

Main Resistance Level: $2,520

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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