Ethereum began a fresh downside move after failing to break through the $2,650 resistance zone, mirroring Bitcoin’s recent dip. The decline accelerated as ETH fell below $2,600 and breached the $2,550 support, eventually reaching a low at $2,470.
While there was a brief recovery above $2,500, including a break of a key bearish trend line on the hourly chart of ETH/USD (via Kraken), the rally lacked strength. ETH managed to retest the 23.6% Fibonacci retracement level of the drop from $2,787 to $2,470, but it remains well below the 100-hourly Simple Moving Average (SMA).
Can Ethereum Bulls Push Back Above $2,600?
To regain momentum, Ethereum would need to reclaim the $2,550 resistance, followed by a push past $2,600. A significant breakout above $2,620, which aligns with the 50% Fib retracement level of the recent decline, could open the door to a run toward $2,720 and even $2,780–$2,880 in the near term.
However, as of now, bearish signals dominate short-term technicals.
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Hourly MACD: Gaining traction in the bearish zone
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Hourly RSI: Trading below the 50 level, indicating weakened bullish momentum
Key Support Levels to Watch
If bulls fail to reclaim the $2,600–$2,620 resistance area, ETH could face another drop. Immediate support lies at $2,500, but the critical level to watch is $2,470. A decisive break below this zone could trigger declines toward $2,420, followed by deeper support levels at $2,350 and $2,320.
Traders and investors should stay cautious as volatility remains high and short-term trends appear to favor the bears.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
