🚨 Ethereum Faces Selling Heat — Bounce Incoming or Just the Beginning of a Fall? 🔥📉

Ethereum ($ETH ) is once again under pressure as it struggles to regain momentum. The price dropped below the key $2,620 and $2,600 levels, triggering renewed bearish sentiment. Currently, ETH is trading below $2,540 and the 100-hour Simple Moving Average (SMA), indicating that downward pressure remains dominant in the short term.

After dipping to $2,450, Ethereum attempted a minor recovery, climbing slightly above $2,500 and reclaiming the 23.6% Fibonacci retracement level of the decline from the $2,680 swing high to the $2,455 low. However, the upside is now facing strong resistance at $2,540, with a more significant barrier near $2,565 — the 50% Fib retracement of the same drop.

The ETH/USD hourly chart shows a rising channel forming with support near $2,480. If Ethereum can clear the $2,565 resistance, the next challenge lies at $2,625. A decisive break above that level could open the doors for a retest of $2,680, and potentially a surge toward $2,800 or even $2,880 in the sessions ahead.

But the flip side remains risky. Failure to break through $2,540 may invite further selling pressure. Key downside support sits at $2,480, with stronger support at $2,450. A clean breakdown below $2,450 could drag ETH toward $2,320, with extended losses potentially reaching $2,240 or even as low as $2,150.

Technical indicators are flashing caution:

The MACD is losing strength in the bearish zone.

The hourly RSI is hovering below the 50 mark — showing weak buying momentum.

📉 Major Support Levels: $2,480, $2,450

📈 Major Resistance Levels: $2,540, $2,565, $2,625.

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