Ethereum Price Dives 5% as ETH Struggles to Recover Above the $2,550 Resistance

Ethereum price remained in a bearish zone and extended losses below the $2,600 level. ETH traded below the $2,550 support to enter a bearish zone

Ethereum price showed signs of recovery and moved above the $2,500 level. However, ETH is now facing hurdles near the $2,520 resistance.

Ethereum Price Analysis

After a sharp decline, Ethereum price found support and started a recovery wave from the $2,413 swing low. ETH price moved above the $2,450 and $2,480 resistance levels.

The hourly (UTC) chart of ETH/USD shows that the price climbed above the 23.6% Fib retracement level of the downward move from the $2,655 swing high to the $2,413 low. However, the 23.6% Fib retracement level of the recent decline from the $2,655 high to the $2,413 low is at $2,488. Therefore, the price might struggle to clear this Fib retracement and the $2,500 resistance.

On the upside, the first major resistance is near the $2,535 level or the 50% Fib retracement level of the downward move from the $2,655 swing high to the $2,413 low. The next key resistance is around $2,550.

An upside break above the $2,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,620 resistance zone in the near term. The next hurdle sits near the $2,650 level or $2,665.

More Losses In ETH?

If Ethereum fails to clear the $2,520 resistance, it could continue to move down. Initial support on the downside is close to the $2,440 level. The first major support sits near the $2,420 zone.

A clear move below the $2,420 support might push the price toward $2,350. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,120.

Technical Indicators

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

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

Major Support Level – $2,420

Major Resistance Level – $2,550

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