Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price started a fresh decline from the $2,520 zone. ETH is now back below $2,450 and struggling to stay above the $2,350 support.
- Ethereum started a fresh decline from the $2,520 level.
- The price is trading below $2,450 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $2,450 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it remains stable above the $2,350 zone in the near term.
Ethereum Price Trims Gains
Ethereum price started a fresh decline from the $2,520 resistance, like Bitcoin. ETH price declined below the $2,500 and $2,450 levels to enter a short-term bearish zone.
Besides, there was a break below a key bullish trend line with support at $2,450 on the hourly chart of ETH/USD. The pair even spiked below the $2,400 level. A low was formed at $2,373 and the price is now attempting to recover some losses.
It climbed above the 23.6% Fib retracement level of the downward move from the $2,523 swing high to the $2,373 low. Ethereum price is now trading below $2,450 and the 100-hourly Simple Moving Average.
On the upside, the price could face resistance near the $2,420 level. The next key resistance is near the $2,450 level. It is close to the 50% Fib retracement level of the downward move from the $2,523 swing high to the $2,373 low. The first major resistance is near the $2,465 level. A clear move above the $2,465 resistance might send the price toward the $2,520 resistance.
An upside break above the $2,520 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,550 resistance zone or even $2,650 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,450 resistance, it could start a fresh decline. Initial support on the downside is near the $2,375 level. The first major support sits near the $2,350 zone.
A clear move below the $2,350 support might push the price toward the $2,280 support. Any more losses might send the price toward the $2,220 support level in the near term. The next key support sits at $2,150.
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 – $2,350
Major Resistance Level – $2,450
Source link
Aayush Jindal
https://www.newsbtc.com/analysis/eth/ethereum-price-drops-2350/
2025-07-02 03:08:30
