Ethereum Price Struggles to Maintain Momentum Amidst Bearish Pressure Ethereum (ETH) recently saw a fresh surge, stabilizing above the $2,380 mark. However, the cryptocurrency is currently undergoing a correction, shedding some of its recent gains. This downturn suggests a potential further decline if ETH fails to hold critical support levels, particularly if it dips below $2,300.
ETH Faces Downside Correction
After initiating a strong upward move, mirroring Bitcoin's performance, Ethereum's price encountered resistance near $2,420, peaking at $2,423 before reversing course. The asset then broke below a significant bullish trend line, finding support at $2,365 on the hourly chart. This downward correction has seen ETH trading below both the $2,350 level and the 100-hourly Simple Moving Average. Should the bears maintain control, a failure to clear the $2,360 resistance could trigger more losses, potentially pushing the price towards the $2,300 support zone or even as low as $2,265, which aligns with the 76.4% Fibonacci retracement level of its recent upward move.
Key Levels and Future Outlook
For a resurgence, Ethereum bulls must defend the $2,300 support level. If they succeed, ETH could attempt another rally, facing immediate resistance around $2,350 and then $2,380. A decisive break above the major resistance at $2,420 would be crucial for further upside, potentially paving the way towards $2,450, and in a more optimistic scenario, $2,500 or even $2,550. However, current technical indicators show a weakening bullish momentum, with the Hourly MACD losing steam and the Hourly RSI dipping below the 50 mark, signaling caution for traders. The immediate focus remains on whether ETH can regain strength above $2,360 or if it will succumb to further selling pressure.
