Ethereum Price Alert: Key Support Levels Under Pressure
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Ethereum (ETH) has recently experienced a price decline, falling below the $2,500 support level. This drop follows an unsuccessful attempt to surpass the $2,650 mark, mirroring a similar trend observed in Bitcoin. The price decline broke below a key rising channel with support near $2,610, indicating bearish momentum. Technical indicators such as the hourly MACD and RSI are also showing bearish signals, with the MACD gaining momentum in the bearish zone and the RSI dipping below the 50 level. The current price consolidation is occurring after a low of $2,394 was reached. While there is some potential for resistance near the $2,460 and $2,500 levels, a failure to break through the $2,500 resistance could lead to further losses. Key support levels to watch include $2,400, $2,380, $2,350, and $2,250. A decisive move below $2,380 could accelerate the downward trend, potentially pushing the price towards $2,350 or even $2,320. Conversely, a break above the $2,600 resistance could trigger a bullish reversal, potentially leading to a rise towards $2,650 or $2,720. The overall situation highlights the volatility of the Ethereum market and the importance of monitoring key support and resistance levels for potential trading opportunities or risk management strategies. The Fibonacci retracement levels are also being used by traders to gauge potential price reversals, with the 23.6% and 50% levels near $2,460 and $2,540 respectively.
(Source: https://www.newsbtc.com/analysis/eth/ethereum-price-dips-below-2500/)
