👉👉👉#EthereumPrice Dips Alongside Bitcoin, Decoding Key Hurdles To Fresh Increase

Ethereum encountered resistance around $2,550 and $2,580, initiating a decline below the $2,500 support against the US Dollar. ETH is currently trading below $2,500 and the 100-hourly Simple Moving Average. A bearish trend line is forming with resistance near $2,480 on the hourly chart of ETH/USD.

After failing to surpass resistance at $2,550 and $2,580, Ethereum faced renewed selling pressure, mirroring Bitcoin's decline. ETH dipped below $2,450, establishing a weekly low near $2,424, and is currently consolidating losses. Despite a minor recovery above $2,450, the bears resisted near the 23.6% Fib retracement level of the downward move from the $2,614 swing high to the $2,424 low.

As Ethereum trades below $2,500 and the 100-hourly SMA, it encounters resistance near $2,465, with a bearish trend line forming around $2,480 on the hourly chart. The $2,520 level represents the next significant resistance, and a clear break above it could lead to further gains towards $2,580. The crucial hurdle beyond that is around $2,620, and if successfully surpassed, Ethereum could aim for $2,680.

However, if ETH fails to overcome the $2,520 resistance, it may resume its decline. Initial support lies near $2,440, followed by the critical $2,425 level. A break below $2,425 could extend losses, testing the $2,350 support. Further downside momentum might target the $2,320 level.

The hourly #MACD for ETH/USD is in the bearish zone, and the hourly #RSI is below 50, indicating increased selling pressure. The key support is at $2,425, while resistance levels include $2,480 and $2,520.

In summary, Ethereum faces hurdles near $2,480 and $2,520, and a successful break above these levels is crucial for a bullish continuation. On the downside, breaching the $2,425 support may lead to extended losses towards $2,350.

Source - newsbtc.com

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