Ethereum

Ethereum Topside Bias Vulnerable, What Could Trigger Sharp Decline

Ethereum started a fresh decline from the $2,850 resistance against the US Dollar. ETH price is down over 5% and it is struggling to stay above $2,420.

Ethereum declined sharply after there was a clear break below the $2,650 support.
The price is now well below $2,650 and the 100 hourly simple moving average.
There was a break below a key rising channel with support near $2,760 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down unless there is a strong recovery above $2,550 and $2,650.

Ethereum Price Breaks Key Support
Ethereum attempted a major upside break above the $2,800 level. However, ETH failed to clear the $2,850 level and started a fresh decline.
There was a break below a key rising channel with support near $2,760 on the hourly chart of ETH/USD. The pair declined sharply below the $2,650 support and it settled well below the 100 hourly simple moving average.
Ether gained bearish momentum and it even broke the key $2,550 support zone. There was a spike below $2,450, but the price remained stable above the $2,420 support. A low is formed near $2,433 and the price is now consolidating losses.

Source: ETHUSD on TradingView.com
An initial resistance on the upside is near the $2,520 level. The 23.6% Fib retracement level of the of the recent decline from the $2,849 high to $2,433 low is also near $2,530.
The first major resistance is near the $2,550 level. The main resistance is now forming near $2,650. It is close to the 50% Fib retracement level of the of the recent decline from the $2,849 high to $2,433 low. A clear upside break above the $2,650 level could set the pace for a steady increase.
More Losses in ETH?
If Ethereum fails to clear the $2,550 and $2,650 resistance levels, it could extend its decline. An initial support on the downside is near the $2,450 level.
The first major support is near the $2,420 level. A downside break below $2,420 could open the doors for a larger decline. The next major support is near the $2,200 zone, where the bulls are likely to take a stand.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 30 level.
Major Support Level – $2,420
Major Resistance Level – $2,550

bitcoin
Bitcoin (BTC) $ 99,845.75
ethereum
Ethereum (ETH) $ 3,983.68
xrp
XRP (XRP) $ 2.56
tether
Tether (USDT) $ 1.00
solana
Solana (SOL) $ 238.36
bnb
BNB (BNB) $ 747.82
dogecoin
Dogecoin (DOGE) $ 0.468076
cardano
Cardano (ADA) $ 1.19
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,981.55
tron
TRON (TRX) $ 0.317627
avalanche-2
Avalanche (AVAX) $ 51.20
shiba-inu
Shiba Inu (SHIB) $ 0.000033
the-open-network
Toncoin (TON) $ 6.77
wrapped-steth
Wrapped stETH (WSTETH) $ 4,716.63
polkadot
Polkadot (DOT) $ 10.45
chainlink
Chainlink (LINK) $ 25.19
stellar
Stellar (XLM) $ 0.487654
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 99,663.70
hedera-hashgraph
Hedera (HBAR) $ 0.336222
sui
Sui (SUI) $ 4.26
bitcoin-cash
Bitcoin Cash (BCH) $ 614.07
weth
WETH (WETH) $ 3,980.92
uniswap
Uniswap (UNI) $ 17.89
pepe
Pepe (PEPE) $ 0.000025
litecoin
Litecoin (LTC) $ 132.20
near
NEAR Protocol (NEAR) $ 7.65
leo-token
LEO Token (LEO) $ 9.47
aptos
Aptos (APT) $ 14.37
wrapped-eeth
Wrapped eETH (WEETH) $ 4,202.26
internet-computer
Internet Computer (ICP) $ 14.45
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.690339
ethereum-classic
Ethereum Classic (ETC) $ 36.73
crypto-com-chain
Cronos (CRO) $ 0.200336
vechain
VeChain (VET) $ 0.066246
fetch-ai
Artificial Superintelligence Alliance (FET) $ 2.04
usds
USDS (USDS) $ 1.00
render-token
Render (RENDER) $ 10.22
ethena-usde
Ethena USDe (USDE) $ 1.00
bittensor
Bittensor (TAO) $ 688.83
filecoin
Filecoin (FIL) $ 7.76
arbitrum
Arbitrum (ARB) $ 1.15
hyperliquid
Hyperliquid (HYPE) $ 13.86
kaspa
Kaspa (KAS) $ 0.180991
aave
Aave (AAVE) $ 277.14
algorand
Algorand (ALGO) $ 0.492433
mantle
Mantle (MNT) $ 1.19
blockstack
Stacks (STX) $ 2.64
cosmos
Cosmos Hub (ATOM) $ 10.02
bitget-token
Bitget Token (BGB) $ 2.76