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Ethereum News: Price Challenges and Key Resistances
In recent market movements, Ethereum has initiated a notable decline, breaching the $2,550 support level, further stirring the ethereum news today. This downturn has seen Ethereum’s value hovering just above the $2,500 mark, accompanied by a dip below this critical threshold during trading hours. The currency now trades beneath this level and the 100-hourly Simple Moving Average, indicating potential bearish momentum.
Break Below Key Support
A significant development was the break below a pivotal rising channel, which had support at $2,610 on the hourly ETH/USD chart. Should Ethereum trade below the $2,400 zone, it could potentially exacerbate losses in the near term. This movement mirrors a broader trend seen across the crypto sphere, shedding light on underlying market sentiments.
Potential for Recovery?
Despite the recent lows, Ethereum’s price could encounter resistance near $2,460, aligning with the 23.6% Fibonacci retracement of the recent decline from a $2,680 high to a $2,394 low. The next substantial resistance is pegged near the $2,500 mark, with a major resistance near $2,540, close to the 50% Fibonacci retracement level. A decisive upward move past this resistance might propel Ethereum towards the $2,600 mark, and potentially higher gains if momentum sustains.
Risks of Further Declines
On the flip side, if Ethereum struggles to surpass the $2,500 resistance level, it might trigger a new round of selling pressures. Initial support is found near the $2,400 level, with significant support close to $2,380. A breach below this could push Ethereum down towards $2,350, and further downside movements could target the $2,320 level, setting a new low for the trading period.
Technical Indicators Suggest Caution
Technical indicators such as the Hourly MACD continue to show momentum in the bearish zone, while the Hourly RSI remains below the 50 mark, suggesting that caution is warranted among investors and traders.
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