$ETH #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.