Ethereum price started a pullback from the $2,680 resistance, entering a phase of decline that puts it at risk of further downsides if it fails to stay above $2,550. ETH is currently trading below $2,680 and the 100-hourly Simple Moving Average.
A bullish trend line is forming with support at $2,610 on the hourly ETH/USD chart. If the price increases, it may face resistance near $2,650 and the $2,680 level. A close above $2,680 could push ETH towards the $2,720 resistance.
If Ethereum fails to clear the $2,680 resistance, it could continue to drop. Initial support is near $2,620, with significant support at $2,600 or the 50% Fib retracement level of the upward move from $2,514 to $2,682. A clear move below $2,600 may send ETH towards the $2,550 support, with further losses possibly driving it down to $2,500.
The hourly MACD for ETH/USD is gaining bearish momentum, and the hourly RSI is below the 50 zone. Key support and resistance levels are $2,600 and $2,680, respectively.
