Ethereum Price Faces Downward Pressure — More Pain Before a Bounce?

Ethereum price started a fresh decline below the $2,620 zone.

ETH is now consolidating losses and remains at risk of more losses below $2,500. Ethereum started a fresh decline below the $2,600 level.

The price is trading below $2,540 and the 100-hourly Simple Moving Average.

There is a rising channel forming with support at $2,480 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start a fresh increase if it clears the $2,565 resistance zone in the near term.

Ethereum Price Faces Resistance Ethereum price started a fresh decline below the $2,620 pivot level, like Bitcoin .

ETH price declined below the $2,600 and $2,550 levels.

The bears even pushed the price below the $2,500 level.

The pair tested the $2,450 zone and started a consolidation phase.

There was a minor move above the $2,500 level.

The price climbed above the 23.6% Fib retracement level of the downward wave from the $2,680 swing high to the $2,455 low.

Ethereum price is now trading below $2,550 and the 100-hourly Simple Moving Average .

Besides, there is a rising channel forming with support at $2,480 on the hourly chart of ETH/USD.

On the upside, the price could face resistance near the $2,540 level.

The next key resistance is near the $2,565 level.

It is close to the 50% Fib retracement level of the downward wave from the $2,680 swing high to the $2,455 low.

The first major resistance is near the $2,625 level.

A clear move above the $2,625 resistance might send the price toward the $2,680 resistance.

An upside break above the $2,680 resistance might call for more gains in the coming sessions.

In the stated case, Ether could rise toward the $2,800 resistance zone or even $2,880 in the near term.

Another Decline In ETH? If Ethereum fails to clear the $2,540 resistance, it could start a fresh decline.

Initial support on the downside is near the $2,480 level.

The first major support sits near the $2,450 zone.

A clear move below the $2,450 support might push the price toward the $2,320 support.

Any more losses might send the price toward the $2,240 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 – $2,450 Major Resistance Level – $2,540.

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