Ethereum Rejects $2,400 Again as Sellers Cement Control Ethereum's price has recently faced a significant rejection near the $2,400 mark, with a subsequent downside correction from the $2,380 level. The cryptocurrency is currently exhibiting bearish indicators, suggesting a potential for further declines if it fails to hold above critical support zones. This recent movement echoes broader market trends, with Bitcoin also experiencing extended downturns.
Bearish Momentum Takes Hold
The ETH price failed to sustain its position above the $2,365 zone, initiating a fresh dip. Key technical breakdowns include the price falling below the $2,350 and $2,340 levels, coupled with a breach of a bullish trend line that offered support at $2,340 on the hourly chart against the USD. Bears have aggressively pushed the price past the 50% Fibonacci retracement level of the recent upward move from $2,265 to $2,382. Currently, Ethereum trades below both $2,340 and the 100-hourly Simple Moving Average, indicating a strong bearish sentiment in the short term.
Key Levels to Watch
For a potential recovery, Ethereum bulls need to mount a strong defense above the $2,300 support. Immediate resistance is projected around $2,340, with the first significant barrier at $2,365. Overcoming the $2,380 major resistance could pave the way for a retest of $2,400, and a decisive break above this psychological threshold might unlock further gains towards $2,440 or even $2,450. Conversely, if ETH fails to breach the $2,350 resistance, a renewed decline is probable. Critical downside support levels are identified at $2,300, $2,265, $2,220, $2,200, and potentially $2,150. Technical indicators reinforce this bearish outlook, with the Hourly MACD showing increasing momentum in the bearish zone and the Hourly RSI positioned below the 50 mark.
