From well above $2,700, Ethereum began a new drop. To enter the red zone, ETH traded below the $2,650 and $2,600 support levels.
A closing below the $2,600 level and the 100 hourly simple moving average was also recorded. The price of Ether dropped as low as $2,525 and is now consolidating losses. Near the $2,585 mark, there is immediate upside resistance. The current slide from the $2,775 swing high to the $2,525 low is nearing the 23.6 percent Fib retracement level.
Near the $2,620 level and the 100 hourly simple moving average, the first substantial resistance is spotted. On the hourly chart of ETH/USD, a strong negative trend line is forming with resistance near $2,600.
Near the $2,650 mark, the next major resistance is found. It’s around the 50% Fib retracement level of the latest drop from the swing high of $2,775 to the low of $2,525 level. A closing above the $2,650 resistance level might signal the start of a continuous rise. In the above scenario, the price may rise to $2,750, where the bears may take a position in the near term.
If ethereum does not begin a new upward trend over $2,620, it may continue to decline. On the downside, $2,525 serves as an initial support level.
Near the $2,500 level, the next big support is found. If the price closes below the $2,525 and $2,500 support levels, the price may fall much deeper. In the above scenario, the cost might rise to $2,445.
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