Ethereum Price Dips Again, Struggles to Clear the $2,800 Resistance

Ethereum (ETH) faced rejection and declined below $2,600. The price is now approaching a crucial support zone near the $2,450 level.

Ethereum (ETH) price declined below the $2,600 level and is approaching a crucial support zone. If ETH fails to hold this support, it could drop toward the $2,250 level in the coming days.

Key Takeaways

Ethereum faced rejection and declined below $2,600.

The price is now approaching a crucial support zone near the $2,450 level.

If ETH fails to hold this support, it could drop toward the $2,250 level.

After facing a decent increase in the past few days, Ethereum price saw a clear move above the $2,550 resistance zone. ETH was able to climb above the $2,650 resistance as BTC traded close to reaching a new all-time high.

However, the bears remained active and pushed the market lower. There was no upside break above the $2,720 and $2,750 resistance levels. More importantly, Ether is still below a major bearish trend line with resistance at $2,800 on the daily chart.

The price of ETH is down by over 5% and there was a clear move below the $2,550 support zone and the 50-day simple moving average (blue). The price is now consolidating near the $2,500 level with a bearish angle.

The current price action suggests that the price is facing an increase in selling pressure. Immediate support is near the $2,465 level. The first major support sits near the $2,450 level and a connecting bullish trend line on the same chart.

A daily close below the $2,450 level might send ETH toward the $2,250 support. If the bulls fail to defend the $2,250 support, ETH might even decline below the $2,200 support. The next major support is near the $2,100 level.

Another Increase In ETH?

On the downside, if ETH fails to hold the $2,450 or $2,400 support, there could be a larger decline toward the $2,100 level in the coming days.

Conversely, Ethereum might remain stable above $2,450 or $2,400 and attempt a fresh increase. On the upside, the price could face resistance near the $2,620 level. The first major resistance sits near the $2,650 level.

The next resistance is near the $2,750 level. The main resistance is now near the $2,800 zone, the bearish trend line, and the 50% Fib retracement level of the downward wave from the $3,566 swing high to the $2,099 low

A clear move above the $2,800 level could open the doors for a move toward the $3,000 level. The next hurdle could be near the $3,220 level or the 76.4% Fib retracement level of the downward wave from the $3,566 swing high to the $2,099 low.

If ETH bulls push the price above the $3,220 resistance, there could be a strong increase. In the stated case, the price could rise toward the $3,565 level.

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