Ethereum's price has experienced a significant decline after facing resistance at $2,720 and is now trading below $2,550. The drop included breaking below a key bullish trend line and moving past the 50% Fibonacci retracement level. ETH is facing challenges recovering in the short term.
Key resistance levels include $2,580 and $2,610, with a major zone at $2,650. Overcoming these hurdles could lead to gains toward $2,720. However, if the currency fails to break the $2,550 resistance, it might continue its downward trend.
The immediate supports lie around $2,480 and $2,450. A fall below $2,450 could prompt further declines to $2,380 or even $2,320. The RSI is below 50, indicating bearish momentum, while the hourly MACD is also in the bearish zone.
