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Ethereum News: Price Faces Downward Pressure Amid Market Uncertainty
In recent developments, the Ethereum price struggled to surpass the critical $2,680 mark, leading to a notable decline. Presently, ETH is grappling with losses and risks further drops if it breaches below the $2,500 threshold. Initially, the downturn commenced as Ethereum slid beneath the $2,620 level, positioning the cryptocurrency below both the $2,550 mark and the 100-hourly Simple Moving Average.
Break Below Key Support Levels Intensifies Bearish Outlook
A significant bearish indicator was the breach of a bullish trend line at the $2,540 support on the hourly ETH/USD chart, based on Kraken’s data feed. This downward trajectory mirrors Bitcoin’s recent performance, highlighting a broader market retreat. After dipping below the $2,600 and $2,620 levels, Ethereum tested the resilience of the $2,450 support zone, subsequently entering a consolidation phase.
Despite a slight rebound above the 23.6% Fibonacci retracement level from the recent high of $2,679 to a low of $2,455, Ethereum’s price remains subdued under $2,550 along with the key SMA barrier.
Potential Recovery and Resistance Levels
Looking ahead, if Ethereum maintains above the pivotal $2,500 mark, there might be potential for a modest recovery. Immediate resistance is anticipated near $2,540, followed by a more substantial barrier at $2,565, aligning with the 50% Fibonacci retracement level. To signal a bullish reversal, Ethereum needs to clear these hurdles, with the next significant resistance at $2,620. A successful ascent past this could target the $2,680 zone, possibly paving the way to the higher resistance levels at $2,800 and even $2,880.
Downside Risks Prevail
Conversely, failure to overcome the $2,540 resistance could exacerbate selling pressures. Initial support lies near $2,500, with more critical support at the $2,450 mark. A decisive drop below this could steer Ethereum towards the $2,320 support area, and further losses may drag it down to the $2,240 level. The next significant support is projected at $2,150.
Technical Indicators Signal Caution
The Hourly MACD is currently losing momentum in the bearish zone, and the RSI for ETH/USD remains below the 50 level, reinforcing the cautious stance among investors. These indicators suggest that the market might still be in a bearish phase, urging traders to stay alert.
For those keen on exploring more about Ethereum and other cryptocurrencies, visiting [Binance](https://www.binance.com/) can provide additional insights and trading opportunities. Furthermore, for extended discussions and updates on Ethereum, you can follow developments on the dedicated [crypto section](https://financier.news/category/crypto/) of Financier News.
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