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.

Ethereum Price

Source: ETHUSD on TradingView.com

A clear move above the $2,720 might start a steady increase. In the stated case, the price could rise towards…


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