Ethereum price started a modern decline from the resistance at $2,720. ETH is back below $2,550 and may struggle to start a modern rally in the low term.

• Ethereum has started a modern decline from the resistance zone at $2,720.
• The price is trading below $2,550 and the 100-hour basic moving average.
• There was a break below a key uptrend line with support at $2,560 on the ETH/USD hourly chart (data fed via Kraken).
• The pair could extend losses if it fails to hold above the $2,450 support zone.

Ethereum price drops below $2,550

Ethereum price struggled to stay above $2,650 and began a modern decline, just like Bitcoin. ETH fell well below the $2,620 and $2,600 levels.

There was a break below a key uptrend line with support at $2,560 on the ETH/USD hourly chart. The pair fell below the 50% Fib retracement level of the rising wave from a low of $2,488 to a high of $2,719. The bears even pushed the price below $2,550.

Ethereum price is currently trading below $2,550 and the 100-hour basic moving average. It is now approaching the support zone at $2,460 and the 61.8% Fib retracement level of the rally from a low of $2,488 to a high of $2,719.

On the other hand, the price seems to be facing some headwinds near the $2,550 level. The first major resistance is near the $2,580 level. The main resistance is currently formed near $2,610. A clear move above the resistance at $2,610 could push the price towards the resistance at $2,650.

An upward break above the resistance at $2,650 could trigger further gains in the coming sessions. In the given case, Ether may rise towards the $2,720 resistance zone.

More flaws in ETH?

If Ethereum does not overcome the resistance at $2,550, it may continue to decline. Initial downside support is near the $2,480 level. The first major support is located near the $2,450 zone.

A clear move below the support at $2,450 could push the price towards $2,380. Any further losses could push the price towards the $2,320 support level in the near future. The next key support is at $2,250.

Technical indicators

Hourly MACD – MACD for ETH/USD is gaining momentum in a bear zone.

Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.

Main support level – USD 2,450

Major resistance level – $2,550