Ethereum's Price Struggles and Risks Further Declines

 Ethereum's price faces downward pressure below $2,950, signaling potential movement towards the $2,550 support level amid ongoing market uncertainty.

Ethereum encountered resistance at $2,950, initiating a fresh downtrend.

The price is currently below $2,920 and the 100-hourly Simple Moving Average.

A bearish trend line is forming, with resistance at $2,910 on the hourly chart of ETH/USD (data feed via Kraken).

The pair may gain bearish momentum with a break below the $2,850 support.

Ethereum Price Continues Decline

Despite attempts to surpass the $2,950 resistance, Ethereum's price faltered and began a new descent. It steadily declined below $2,920 and $2,900 levels.

Finding support at $2,864, the price is consolidating losses and hovering near the 23.6% Fib retracement level of the recent downward swing from $2,951 to $2,864. Currently, Ethereum trades below $2,950 and the 100-hourly Simple Moving Average.

Immediate resistance lies around $2,900, followed by a significant barrier near $2,920 or the 50% Fib retracement level. Additionally, a crucial bearish trend line is forming with resistance at $2,910 on the hourly chart.

Further hurdles await at $2,950 and the 100-hourly SMA, beyond which a bullish momentum could propel the price towards $3,020.

Potential for More Losses in ETH?

Failure to breach the $2,920 resistance may trigger another downturn. Initial support is anticipated near $2,865, followed by a crucial level around $2,840.

Subsequently, the $2,780 zone poses a significant support level, with a clear break below potentially leading to a decline towards $2,650. Further downside risks include a move towards the $2,550 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD indicates increasing bearish momentum.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,865

Major Resistance Level – $2,920

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