Ethereum Bears Still Pressuring: Why the Decline Hasn't Ended Yet
The price of #Ethereum is once again moving lower from the $2,325 resistance. #ETH could face a significant drop if it fails to stabilize above the $2,270 support zone.
Bearish Signals on the Horizon
The Ethereum price has started to decline once more and is currently trading below the $2,300 A crucial bearish trendline is forming with resistance near $2,300.
Ethereum Price Trading Below $2,325
The Ethereum price attempted a fresh increase above $2,300 but faced strong selling interest near the $2,325 zone. It reached a maximum of around $2,327 before the price started to decline again,
there was a break below the $2,300 support zone, and the price even dipped below $2,280. the 50% Fib retracement level of the upward from the $2,241 low to $2,327 high. Currently, Ethereum is trading below $2300
Bearish Trend and Hope for Upside
Bulls are currently defending support near $2,270 representing the 61.8% Fib retracement level of the upward move from the $2,241 swing low to $2,327 high The first significant resistance on the upside is near the $2,300 level. On the hourly chart of ETH/USD a crucial bearish trendline is also forming with resistance near $2,300
Source: ETHUSD on $2,325, above which the price could rise and test the $2,380 resistance.$2,380 resistance, they could target $2,440 $2,440 could send the price even higher towards the $2,500 level
More Losses in ETH?
If Ethereum fails to clear the resistance at $2,325, another decline may begin. The initial downside support is near the $2,270 level
If the price breaks below this level it could head towards $2,200.Further losses could potentially push the price towards $2,080
$ETH
Notice:
The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation.The content should not be regarded as financial investment or any other form of advice We caution that investing in cryptocurrencies can be risky and may lead to financial losses
