The Ethereum price has been facing challenges in starting a fresh increase. It struggled to surpass the resistance levels at $2,550 and $2,580. As a result, it began a decline and dropped below the $2,400 support level. The price even fell below $2,350 and formed a new weekly low around $2,302.
Currently, Ethereum is consolidating its losses and attempting a recovery. It has made a minor increase above the $2,330 level and broke a bearish trend line with resistance around $2,340. However, the price is still trading below $2,400 and the 100-hourly Simple Moving Average, indicating a bearish sentiment.
In order to resume a steady increase, Ethereum needs to clear the resistance levels at $2,390 and $2,400. If successful, it could potentially rise towards the $2,480 and $2,500 zones. On the other hand, if it fails to break above the $2,390 resistance, the price may experience another decline.
Key support levels to watch are $2,320, $2,300, and $2,250. A downside break below $2,300 could lead to further losses towards the $2,200 level. The MACD indicator is showing a loss of momentum in the bearish zone, while the RSI is below the 50 level, indicating a bearish trend as well.
Source: NEWSBTC
