Ethereum's price continues to slide, trading below the critical $2,500 support level. The cryptocurrency's latest decline began from the $2,550 resistance zone, with current trading under $2,480 and below the 100-hourly Simple Moving Average.
A new bearish trend line is forming resistance at $2,445, indicating a potential hurdle for recovery above this level and ultimately $2,500. Surpassing these levels may lead to a recovery wave, potentially pushing prices to $2,550 or higher.
Nevertheless, if Ethereum continues failing to breach the $2,445 resistance, further declines are possible. Initial support levels sit around $2,380, with major support at $2,350. Breaking below these could further depreciate value towards $2,285 and $2,220.
Technical indicators suggest bearish momentum, with the Hourly MACD losing momentum and the RSI below 50, indicating potential ongoing pressure in price movements.
