CandleFocus Ethereum Price Grinds Lower: Will Support Kick In Soon?
2024-11-05
Author: Content Editor
The price of Ethereum (ETH) has been declining and has fallen below the $2,500 support level. It is currently consolidating and may struggle to recover above the $2,500 resistance level. There is a new bearish trend line forming with resistance at $2,445. If ETH is unable to clear this resistance, it could start another decline, with initial support near $2,380 and major support near $2,350. On the upside, if the price breaks above $2,500, it could rise towards $2,550 and potentially even reach the $2,620 resistance zone. The MACD indicator is showing a loss of momentum in the bearish zone, and the RSI is below the 50 zone.
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