Ethereum was unable to break through the $2,800 resistance level. ETH began a new downtrend, trading below the crucial $2,650 support level.
The bears seized control and pushed the price below $2,550. Ethereum fell below the 100 hourly simple moving average and tested the $2,500 support. Near $2,508, a low has formed, and the price is now consolidating losses.
On the upside, the Ethereum $2,550 level serves as an early resistance. The current slide from the $2,684 swing high to the $2,508 low is nearing the 23.6 percent Fib retracement level.
Near the Ethereum $2,600 mark, the first substantial resistance is visible (the recent breakdown zone). It’s near to the 50% Fib retracement level of the latest drop from the swing high of $2,684 to the low of $2,508 dollars. On the hourly chart of ETH/USD, a connecting negative trend line is forming with resistance near $2,620.
Near the $2,650 level and the 100 hourly simple moving average, the next major resistance may come. In the short term, any more rises might push the price towards the $2,800 resistance zone.
If ethereum does not begin a new uptrend over $2,650, it may continue to fall. On the downside, $2,510 serves as an initial support level.
The next key support level is near $2,500, below which the price may begin to decline. In this scenario, the price of ether could potentially return to the $2,400 support level. In the short term, any further losses could lead to a move towards the $2,300 mark.
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