As per the latest news from NewsBTC, Ethereum’s value has recently experienced a fresh drop, falling below the $2,550 range. Currently, the cryptocurrency is demonstrating a few bearish indicators under the important $2,500 pivot point.
After failing to exceed $2,650, Ethereum commenced a new drop, similar to Bitcoin’s movement. The price of ETH fell past support levels of $2,565 and $2,550. Furthermore, it broke through a significant rising channel with a support level of $2,610 as shown on the hourly chart of ETH/USD (data sourced from Kraken).
The ETH/USD pair might see an extension in losses if it dips below the $2,400 support zone in the near future. After dipping below the $2,500 support level, a low was established at $2,394, with the price now in a consolidation phase.
Resistance near the $2,460 level could be faced on the upside. It is proximate to the 23.6% Fib retracement level of the downward movement from the $2,680 high to the $2,394 low. The first noteworthy resistance is near the $2,540 level, which is close to the 50% Fib retracement level of the same downward movement. A definite move above this resistance could propel the price towards the $2,600 resistance.
If Ethereum fails to clear the $2,500 hurdle, it could commence a new decline. The first significant support is near the $2,380 zone. Should the price fall below this support, it may be pushed towards the $2,350 support. Further losses might see the price nearing the $2,320 support level in the near future. The next crucial support sits at $2,250.
Technical Indicators suggest that the MACD for ETH/USD is gaining momentum in the bearish zone, while the RSI for ETH/USD is now below the 50 zone.
