🪨 ETH Rejected Again — What’s Blocking the Bull Run?

Ethereum reversed gains and tested $2,320. ETH is suffering and may fall below $2,220.

Ethereum touched $2,320 after correcting from $2,580.
The price is below $2,500 and the 100-hour SMA.
On the hourly ETH/USD chart, a negative trend line connects to $2,540 barrier.

If it breaks $2,550, the pair may strengthen.

Ethereum Drops Again

Unlike Bitcoin, Ethereum struggled to break $2,520 and corrected downward. ETH traded below $2,500 and $2,440.

Bears pushed the price below the 50% Fib retracement line of the $2,308 swing low to $2,509 high upward advance. Bulls were active at $2,400, even though the price soared below $2,440.

The price remains above the 61.8% Fib retracement line of the $2,308 swing low to $2,509 high upward advance. Ethereum has fallen below $2,450 and the 100-hour SMA. On the hourly ETH/USD chart, a negative trend line connects to resistance at $2,540.

Another rise might hit resistance at $2,460. Around $2,500 is the next major resistance. First big barrier is between $2,550 and the trend line. A clean break over $2,550 might push the price above $2,580.

Above $2,580 barrier might lead to greater advances in the following sessions. Ether may soar to $2,700 or $2,780 soon.

Another ETH drop?
Ethereum may fall again if it fails to break $2,500. Initially, downside support is at $2,400. First significant support is around $2,350.

A decisive break below $2,350 might bring the price below $2,320. If losses continue, the price may reach $2,220 support. Next important support is $2,120.

Tech Indicators

The negative MACD for ETH/USD is growing.

Hourly RSI: ETH/USD is below 50.

Major Support: $2,400

Major Resistance: $2,500

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