Ethereum price deepened its losses and traded below the support level of $2,500. ETH is consolidating and may struggle to rebound above the $2,500 resistance.

• Ethereum has started a up-to-date decline from the resistance zone at $2,550.
• The price is trading below $2,480 and the 100-hour elementary moving average.
• A up-to-date connecting bearish trend line is forming on the ETH/USD hourly chart with resistance at $2,445 (data suction via Kraken).
• The pair could start a rally if it breaks above the $2,445 and $2,500 resistance levels.

Ethereum price increases losses

Ethereum price struggled to stay above $2,500 and began a up-to-date decline, just like Bitcoin. ETH fell below the $2,450 and $2,420 levels.

It tested the $2,350 support zone. The lowest level was $2,357 and the price is currently trying to recover. There was a move above the resistance zone at $2,385. The price tested the 23.6% Fib retracement level for a downward move from a high of $2,583 to a low of $2,357.

Ethereum price is currently trading below $2,500 and the 100-hour elementary moving average. A up-to-date connecting bearish trend line is also forming on the ETH/USD hourly chart with resistance at $2,445.

On the other hand, the price seems to be facing headwinds near the $2,445 level and the trend line. The first major resistance is located near the $2,470 level or the 50% Fib retracement level for a move down from the $2,583 high to the $2,357 low.

The main resistance is currently forming near $2,500. A clear move above the $2,500 resistance could push the price towards the $2,550 resistance. An upward break above the resistance at $2,550 could trigger further gains in the coming sessions. In the given case, Ether may rise towards the resistance zone at $2,620.

Another ETH drop?

If Ethereum fails to break through the resistance at $2,445, another decline could begin. Initial downside support is near the $2,380 level. The first major support is located near the $2,350 zone.

A clear move below the support at $2,350 could push the price towards $2,285. Any further losses could push the price towards the $2,220 support level in the near future. The next key support is at $2,150.

Technical indicators

Hourly MACD – MACD for ETH/USD is losing momentum in the bear zone.

Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.

Main support level – USD 2,360

Main resistance level – $2,500