Ethereum started a major decline from the $2,700 zone against the US Dollar. ETH dived below $2,550 and might accelerate lower below the $2,420 support.

  • Ethereum started a major decline after it failed to surpass $2,700.
  • The price is now trading below $2,550 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $2,490 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline further if there is a close below the $2,420 support zone.

Ethereum Price Takes Hit

Ethereum struggled to settle above the $2,700 resistance. ETH topped near the $2,700 level and started a fresh decline. There was a sharp move below the $2,620 and $2,550 levels.

The bears even pushed the price below the $2,500 level and the 100 hourly simple moving average. A low is formed near $2,422 and the price is now consolidating losses. On the upside, an initial resistance is seen near the $2,485 level.

There is also a key bearish trend line forming with resistance near $2,490 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the recent decline from the $2,703 swing high to $2,422 low.

The first major resistance is near the $2,565 level. It is near the 50% Fib retracement level of the recent decline from the $2,703 swing high to $2,422 low. The main breakout zone is now near the $2,650 level and the 100 hourly simple moving average.

Ethereum Price

Source: ETHUSD on TradingView.com

A close above the $2,650 level could open the doors for a decent increase. In the stated case, ether price might rise towards the…


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