Ethereum (ETH) Price Struggles to Stay Above $2,700, Might Extend Losses

Ethereum price struggled to stay above the $2,700 level. ETH started a downside correction below the $2,650 support level.

Ethereum price encountered difficulties in staying above the $2,700 level. Subsequently, ETH initiated a downside correction beneath the $2,650 support level, similarly to Bitcoin. This move also brought the price below the $2,600 level.

A low was established around $2,575, and the price is currently consolidating its losses. A small recovery was observed from the $2,600 level, leading the price to rise above the 23.6% Fib retracement level of the downward move from the $2,672 swing high to the $2,575 low.

However, Ethereum price is now trading below $2,640 and the 100-hourly Simple Moving Average. Moving upward, the price appears to be facing obstacles near the $2,625 level. Additionally, a crucial bearish trend line is forming on the hourly chart of ETH/USD, with resistance at $2,630.

This trend line is close to the 50% Fib retracement level of the downward move from the $2,672 swing high to the $2,575 low. The first significant resistance is encountered around the $2,650 level, followed by another key resistance at $2,665.

An upward breakout above the $2,665 resistance could pave the way for further gains in the upcoming sessions. In such a scenario, ETH might aim for the $2,700 resistance zone in the short term. The next hurdle is situated near the $2,720 level or at $2,800.

If Ethereum fails to overcome the $2,630 resistance, it may continue to slide lower. Initial support to the downside is present around the $2,600 level. The first major support is encountered near the $2,550 zone.

A decisive move below the $2,550 support could drag the price down to $2,500. Any further losses might drive the price toward the $2,450 support level in the short term. The next crucial support is found at $2,320.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is showing a loss of momentum in the bearish zone.

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

Major Support Level: $2,575

Major Resistance Level: $2,630

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