๐ฅ $ETH Ethereum Tests Critical Support โ Breakdown Incoming?
Ethereum is under pressure after failing to break above the key $2,680 resistance. The price is now consolidating below $2,550, raising concerns of a deeper correction if support at $2,500 doesn't hold.
๐ป Current Market Snapshot:
ETH dropped below $2,620 and $2,600.
Itโs now trading under $2,550 and below the 100-hour Simple Moving Average (SMA).
A key bullish trend line near $2,540 was broken on the hourly chart of ETH/USD.
As of now, ETH is holding just above $2,500, but downside risks remain.
๐ Ethereum Price Action:
Much like Bitcoin, Ethereum faced strong resistance near $2,680 and turned lower. After losing $2,600 support, sellers gained momentum, pushing the price toward $2,450 before a minor bounce.
$ETH slightly recovered above the 23.6% Fib retracement level from the $2,679 high to the $2,455 low. However, itโs still struggling below $2,550 and the 100-hour SMA.
๐งฑ Key Resistance Levels:
Immediate Resistance: $2,540
Next Major Resistance: $2,565 (50% Fib level)
Crucial Barrier: $2,620
If bulls manage to push ETH above $2,620, a breakout toward $2,680 becomes likely. A clear move above that could trigger a rally toward $2,800 and potentially $2,880.
โ ๏ธ Downside Risks:
If Ethereum fails to hold above $2,500, the next support lies at $2,450. A breakdown below this could send ETH toward:
$2,320
$2,240
And possibly as low as $2,150 if bearish pressure intensifies.
๐ Technical Indicators:
MACD (Hourly): Losing strength in the bearish zone
RSI (Hourly): Below 50, suggesting weakening momentum
๐ Levels to Watch:
Support: $2,500 โ $2,450 โ $2,320
Resistance: $2,540 โ $2,565 โ $2,620
Stay alert โ ETH is at a tipping point, and the next move could be decisive.