- Ethereum continued its downside beneath the $2.5K foothold before uptrends.
- The altcoin now hovers beneath $2.6K and 100-Hr SMA.
- The 1-hr chart shows a bearish trend-line developing, with resistance at $2.6K (Kraken stats).
- Ethereum should overcome $2.6K and $2,680 to experience stable recoveries.
Ethereum saw extended declines beneath the support floor of $2,500. The altcoin is recovering but should overcome the $2,680 level for decent upside movements.
ETH Price Encounters Challenge
Ethereum price stays within a bearish territory under the $2,650 mark level. The leading altcoin even plummeted beneath the support level of $2.5K, settling below 100-Hhr Simple Moving Average.
ETH formed a low of around $2,445 and now corrects accrued losses. The upside actions saw the alt moving past the resistance of $2.5K before climbing beyond 50% Fibonacci retracement area of the latest plunge from $2,648 to $2,445 swing lows.
The first massive resistance appears around $2.6K (the latest breakdown level). Moreover, ETH/USD’s 1-hr chart shows a vital bearish trend-line emerging with $2.6K resistance. Ethereum might encounter another resistance at the 100-hr SMA and $2,680.
A close beyond the 100-hourly Simple Moving Average and $2,680 may launch a stable upside move for Ether. With that, the token might climb to $2.8K before exploring the $2,880 level.
More Losses in Ethereum?
ETH might experience another downward move if it fails to kick-start steady upswings past the $2.6K hurdle. A downside move will see the alt hitting the first support at $2.5K.
The following support locates at $2,445, beneath which ETH may gain bearish pressure. Such cases will see ETH price plunging towards the foothold at $2,400. Any further declines will explore the $2,300 mark in the short term.
ETH needs a decisive move past $2,680 to launch steady recoveries. While publishing this article, Ethereum changed hands near $2,534.99. Meanwhile, the crypto space remains weak as bears cancel upside actions. Top tokens registered slight gains overnight.
Bitcoin gained around 1.38% within the past 24 hours, trading around $38,612.54 at this publication. Meanwhile, the global cryptocurrency market capitalization saw a slight 0.06% 24-hour gain to $1.71 trillion.