CandleFocus

Ethereum Price Battles to Hold Strength: Will Bulls Prevail?

Author: Content Editor
The price of Ethereum (ETH) struggled to stay above the $2,700 level and started a downside correction. It dropped below the $2,650 and $2,600 levels, reaching a low of $2,575. Currently, the price is consolidating its losses and has made a minor increase above $2,600. However, it is trading below $2,640 and the 100-hourly Simple Moving Average. On the upside, there are resistance levels at $2,625, $2,630, and $2,650. An upside break above $2,665 could lead to further gains, potentially reaching the $2,700 resistance zone. Conversely, if it fails to clear the $2,630 resistance, the price could continue to decline, with initial support at $2,600 and major support at $2,550. Further losses could push the price towards $2,500 and $2,450. The MACD is showing bearish momentum and the RSI is below the 50 zone. The major support level is at $2,575 and the major resistance level is at $2,630.

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