Ethereum Price at Risk of Downside Break as Bears Test Key Support

Source Newsbtc

Ethereum price failed to clear the $2,680 zone and declined. ETH is now consolidating losses and remains at risk of more losses below $2,500.

  • Ethereum started a fresh decline below the $2,620 level.
  • The price is trading below $2,550 and the 100-hourly Simple Moving Average.
  • There was a break below a bullish trend line with support at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it stays above the $2,500 zone in the near term.

Ethereum Price Dips Again

Ethereum price failed to gain pace for a move above $2,680 and started a fresh decline, like Bitcoin. ETH price declined below the $2,620 and $2,600 levels.

The bears even pushed the price below the $2,600 level. Besides, there was a break below a bullish trend line with support at $2,540 on the hourly chart of ETH/USD. The pair tested the $2,450 zone and started a consolidation phase.

There was a minor increase above the 23.6% Fib retracement level of the downward move from the $2,679 swing high to the $2,455 low. Ethereum price is now trading below $2,550 and the 100-hourly Simple Moving Average.

On the upside, the price could face resistance near the $2,540 level. The next key resistance is near the $2,565 level. It is close to the 50% Fib retracement level of the downward move from the $2,679 swing high to the $2,455 low. The first major resistance is near the $2,620 level.

Ethereum Price

A clear move above the $2,620 resistance might send the price toward the $2,680 resistance. An upside break above the $2,680 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,800 resistance zone or even $2,880 in the near term.

More Losses In ETH?

If Ethereum fails to clear the $2,540 resistance, it could start a fresh decline. Initial support on the downside is near the $2,500 level. The first major support sits near the $2,450 zone.

A clear move below the $2,450 support might push the price toward the $2,320 support. Any more losses might send the price toward the $2,240 support level in the near term. The next key support sits at $2,150.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,450

Major Resistance Level – $2,540

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Short-Term Holders Are Selling At A Loss Amid Ongoing Price FluctuationsAfter coming close to the $120,000 price mark a few days ago, Bitcoin’s price faced notable bearish pressure, causing the flagship asset to fall back to $116,000.
Author  Bitcoinist
11 hours ago
After coming close to the $120,000 price mark a few days ago, Bitcoin’s price faced notable bearish pressure, causing the flagship asset to fall back to $116,000.
placeholder
Gold Price Forecast: XAU/USD holds losses below $3,300 as Trump sets baseline tariff rate of 10%The Gold price (XAU/USD) trades in negative territory near $3,285 during the early Asian trading hours on Friday.
Author  FXStreet
11 hours ago
The Gold price (XAU/USD) trades in negative territory near $3,285 during the early Asian trading hours on Friday.
placeholder
Japanese Yen refreshes multi-month low against USD; seems vulnerable ahead of US NFPThe Japanese Yen (JPY) touches a fresh four-month low against its American counterpart during the Asian session on Friday and seems vulnerable to weaken further.
Author  FXStreet
9 hours ago
The Japanese Yen (JPY) touches a fresh four-month low against its American counterpart during the Asian session on Friday and seems vulnerable to weaken further.
placeholder
Gold price flat lines above one-month low as traders seem reluctant ahead of US NFP reportGold price (XAU/USD) trades with a negative bias below the $3,300 mark during the Asian session on Friday.
Author  FXStreet
6 hours ago
Gold price (XAU/USD) trades with a negative bias below the $3,300 mark during the Asian session on Friday.
placeholder
Forex Today: July Nonfarm Payrolls data to keep volatility high heading into weekendMarkets turn quiet early Friday as investors assess the latest headlines surrounding the United States' (US) trade regime, while gearing up for the July employment report.
Author  FXStreet
5 hours ago
Markets turn quiet early Friday as investors assess the latest headlines surrounding the United States' (US) trade regime, while gearing up for the July employment report.
goTop
quote