Ethereum price has begun to pull back from the $2,680 resistance. ETH is currently dwindling and remains vulnerable to further declines if it fails to sustain above $2,550.

• Ethereum started a novel decline below the $2,650 level.
• The price is trading below $2,680 and the 100-hour straightforward moving average.
• On the hourly chart of the ETH/USD pair (data via Kraken), a key uptrend line is forming with support at $2,610.
• The pair may continue to decline if it breaks below the USD 2,550 support zone.

Ethereum price shows signs of weakness

Ethereum price tried to gain momentum to break above the $2,680 level. However, ETH failed to continue the growth and started a novel decline below $2,650, similar to Bitcoin.

It broke below the 23.6% Fibonacci retracement level of the upside from the $2,514 swing low to $2,682 high. The price even fell below the 100-hour straightforward moving average. However, bulls are now vigorous near the $2,620 level.

Ethereum price is currently trading below $2,650 and the 100-hour straightforward moving average. A key bullish trendline is also forming on the ETH/USD hourly chart with support at $2,610.

If there is another rally, the price may encounter obstacles near the $2650 level. The first major resistance is near the $2680 level. A close above the $2680 level could take Ether towards the $2720 resistance. The next key resistance is near the $2720 level. A break above the $2720 resistance could take the price higher towards the $2880 resistance zone in the near term.

More ETH losses?

If Ethereum fails to break through the $2,680 resistance, it could continue to move lower. Initial support on the downside is near $2,620. The first major support is near the $2,600 zone or the 50% Fibonacci retracement level of the upside move from the $2,514 swing low to the $2,682 high.

A clear move below the $2,600 support could push the price towards the $2,550 area, where bulls could step in. Any further losses could send the price towards the $2,500 support level in the near future. The next key support is at $2,440.

Technical indicators

Hourly MACD – MACD for ETH/USD is gaining momentum in the bearish zone.

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

Major Support Level – $2,600

Main resistance level – $2680