Ethereum extended decline below the $2,700 support against the US Dollar. ETH price is struggling and might even decline below the $2,500 support.
Ethereum started a major decline below the $2,800 support level.
The price is now trading below $2,700 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $2,700 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could recover, but the bears might remain active near $2,650 and $2,700.
Ethereum Price Turns Red
Ethereum failed to correct and recover above the $2,750 resistance zone. ETH settled below the $2,750 level and the 100 hourly simple moving average.
As a result, there were additional losses below the $2,650 support. The price gained pace and even declined below $2,550. A low is formed near $2,511 and the price is now consolidating losses. An immediate resistance on the upside is near the $2,560 level.
The 23.6% Fib retracement level of the recent decline from the $2,752 swing high to $2,511 low is also near the $2,560 level. The next major resistance is near the $2,650 level.
Besides, the 50% Fib retracement level of the recent decline from the $2,752 swing high to $2,511 low is near the $2,650 level. The main resistance is now forming near the $2,720 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $2,700 on the hourly chart of ETH/USD.
A clear move above the $2,720 might start a steady increase. In the stated case, the price could rise towards $2,880 resistance zone or even $3,000.
More Losses in ETH?
If ethereum fails to start a recovery wave above the $2,650 level, it could start another decline. An initial support on the downside is near the $2,510 level or the recent low.
The next major support is near the $2,500 level. A downside break below the $2,500 could spark another major decline. The next major support is near the $2,420 level. Any more losses might call for a move towards $2,350 in the near term.
Technical Indicators:
Hourly MACD – The MACD for ETH/USD is gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,500
Major Resistance Level – $2,650
