$ETH Ethereum's price has recently experienced another downturn from the $2,620 resistance level, falling below $2,580 and indicating a potential for further decline. The cryptocurrency corrected below $2,600 and is currently trading beneath both that mark and the 100-hour Simple Moving Average (SMA). While the hourly ETH/USD chart did show a break above a negative trend line with resistance at $2,500, a failure to break above $2,470 could lead to continued losses for the pair. Following a drop from $2,650, Ethereum struggled to rebound above $2,600, testing a low of $2,470 before consolidating. The price managed to rise to $2,500, but is still below the 23.6% Fib retracement level of the decline from the $2,787 swing high to the $2,470 low. On the upside, immediate resistance is seen around $2,550, with the next major resistance at $2,600. A more substantial resistance, aligning with the 50% Fib retracement level of the aforementioned downward move, is near $2,620. A definitive break above $2,620 could propel the price beyond $2,720, potentially leading to further advances towards $2,780 or even $2,880 in the near term. Conversely, if Ethereum fails to breach the $2,600 resistance, it faces the risk of renewed losses. Initial support is at $2,500, with a critical support level near $2,470. A decisive break below this point could push the price towards $2,420, and sustained selling might even see it reach $2,350 or $2,320. Technical indicators show a growing negative MACD for ETH/USD and an hourly RSI below 50, both suggesting bearish momentum. Key support to watch is $2,470, while major resistance is at $2,600.

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