Ethereum price is facing challenges as it remains below the $2,550 resistance level. Currently trading above $2,500, Ethereum shows signs of struggle in overcoming the $2,550 mark.
After starting a downside correction below $2,550, ETH traded below $2,500 and is now under the 100-hourly Simple Moving Average. A consolidation pattern is forming with resistance at $2,500 on the hourly chart.
Ethereum experienced a 5% dive, extending losses below $2,600, and continues in a bearish pattern below $2,550. A minor recovery saw the price reach above $2,450 but still below crucial resistance levels.
If Ethereum clears the $2,550 resistance, it could climb to $2,620. However, failing to clear $2,520 might lead to further declines, with key support levels positioned at $2,420 and potentially dropping to $2,250.
Technical indicators show that the hourly MACD is losing momentum in the bearish zone, and the RSI is below 50. Major support levels are $2,420 and $2,250, while the major resistance remains at $2,550.
