Ethereum’s price exhibited a downward trend, moving away from the $2,800 range, with potential for a bearish shift should it fall below the $2,650 support level.
Ethereum's price has recently declined past the $2,720 mark. It currently trades below $2,700, coupled with the 100-hourly Simple Moving Average. A significant bearish trend line, previously offering support at $2,680 on the hourly ETH/USD chart, has been breached. However, a stable rise above $2,700 and $2,720 could pave the way for an upward movement.
Ethereum attempted a recovery above $2,650, echoing a similar move by Bitcoin. Although ETH surpassed the $2,720 resistance, it struggled to overcome the $2,800 resistance area. After peaking at $2,791, a fresh decline unfolded, diving below the $2,750 and $2,720 support thresholds. The price also dipped beneath the 50% Fibonacci retracement level drawn from the $2,614 swing low to the $2,791 high.
A downward breach of a critical bullish trend line, with previous support at $2,680, marked the decline on Ethereum's hourly chart against the USD. Currently, it is trading beneath both $2,700 and the 100-hourly Simple Moving Average, although it is finding interest around the 76.4% Fibonacci retracement level of its previous upswing. On the upward path, resistance is noted near $2,680, with the first significant hurdle at around $2,720.
The main resistance appears to be coalescing around $2,780 to $2,800. A firm break above this zone could steer the price towards the $2,880 resistance, potentially opening the door to further gains and pushing Ether towards the $3,000 or even $3,050 mark in the short term.
Should Ethereum fail to break through the $2,720 resistance, another decline may follow. The initial support on this downward path is approximately $2,655, with a more substantial support zone near $2,615.
A decisive move below $2,615 might drive the price down to the $2,550 support level, with additional declines potentially targeting the $2,500 mark. The subsequent critical support level is found at $2,440.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.