- Ethereum experienced news plunges from levels above the pivot level of $2.8K.
- ETH trades under $2.6K and 100-hourly Simple Moving Average.
- ETH’s hourly chart shows a bearish line developing, with resistance at $2,620.
- ETH/USD might suffer a downside beneath $2.5K with failure to climb past the resistance of $2,650.
Ethereum price saw extended declines beneath the support floor at $2,650. The altcoin struggles, risking further plummets under $2.5K.
ETH Price Continues Downside
Ethereum could not trigger further increases past the resistance near $2.8K. That way, the leading altcoin saw new drops, trading beneath the vital support floor at $2,650.
Meanwhile, bears dominated and pushed ETH beneath $2,550. The altcoin tested the support at $2.5K and stabilized under the 100-hourly SMA. Moreover, Ethereum printed a low at $2,508 and consolidates the losses at the moment.
ETH has its initial resistance level at $2,550, near 23.6% Fibonacci retracement of the latest fall to $2,508 from highs of $2,684. The first primary resistance appears at $2.6K (the latest breakdown level).
The zone is near the 50% Fibonacci retracement of the latest drop mentioned earlier. Moreover, ETH’s hourly chart highlights a connecting pessimistic trend-line developing with a resistance of $2,620.
The following massive resistance may showcase around $2,650 and 100-hr Simple Moving Average. Further upside actions will push the alt towards the resistance zone at $2,800 in the short term.
More Drops in Ethereum
Ethereum might experience more declines if it fails to launch uptrends beyond $2,650. Downward actions will discover first support near $2,510.
The next massive support sits at $2.5K, beneath which Ethereum will witness intensified bearish pressure. With that, the crypto might plunge to revisit the support floor at $2.4K. Further losses will take the altcoin towards $2.3 in the short term.
ETH will likely mimic Bitcoin’s actions. While publishing this content, BTC exhibited bearish moves, changing hands at $37,990.
The world’s dominant crypto remains vulnerable to downswings as bears erase climbing attempts by the currency. More weakness in Bitcoin will translate to lows in Ethereum prices.
ETH Technical Indicators
- Crucial support area – $2.5K
- Critical resistance area – $2,650
