Ethereum (ETH) is facing strong bearish pressure, trading below the $2,700 level as selling momentum increases. After failing to break above the $2,800 resistance zone, ETH saw a fresh decline, raising concerns about a potential move toward $2,500.
Ethereum Price Struggles: Key Levels to Watch
Ethereum recently attempted to push past $2,720, but bullish momentum weakened, and ETH failed to clear $2,800. This led to a drop below $2,750 and $2,720, with ETH now trading below $2,700 and the 100-hourly Simple Moving Average (SMA).
A significant break below a key bullish trend line with support at $2,680 (ETH/USD data via Kraken) confirmed the bearish sentiment. The price is now testing key support levels, and the 76.4% Fibonacci retracement level of the recent move from $2,614 to $2,791 is holding for now.
Resistance Levels to Watch
If Ethereum attempts a recovery, it will face resistance at:
- $2,680 – Initial resistance level.
- $2,720 – First major resistance.
- $2,780 – $2,800 – Strong resistance zone.
A break above $2,800 could trigger a move toward $2,880 and possibly $3,000 in the coming sessions.
More Losses Ahead for ETH?
If Ethereum fails to reclaim $2,720, the next major support levels to watch are:
- $2,655 – Immediate support.
- $2,615 – Crucial support zone.
- $2,550 – $2,500 – A break below this level could accelerate selling pressure.
- $2,440 – Next major support if ETH continues to decline.
Technical Indicators
📉 Hourly MACD – Gaining momentum in the bearish zone.
📉 Hourly RSI – Below 50, indicating increasing selling pressure.
🔵 Major Support – $2,650
🔴 Major Resistance – $2,720
Final Thoughts
Ethereum is at a critical price zone, and the coming days will be crucial. A move above $2,720 could spark a rebound, but failure to hold $2,650 may lead to further losses toward $2,500 or lower.
Disclaimer:
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency markets are highly volatile, and past performance does not guarantee future results. Always conduct your research and consult a professional financial advisor before making any investment decisions. Neither the author nor CryptosNewss.com is responsible for any financial losses incurred from trading or investing based on this information.
