Ethereum (ETH) Kick-Starts Downtrend; Can Bulls Rescue the Alt?

Ethereum saw further drops beneath the $2.6K support floor. The alt might plummet more to retest $2,445, where ETH might attract bulls.

• Ethereum price stayed in a bearish region beneath $2,650 support.
• For the price hovers under $2.6K and 100 hourly SMA.
• The 1hr chart shows a bearish trend-line developing with resistance around $2.6K.
• Failure to steady beyond $2.5K and $2,445 will translate to extended declines.

ETH Price Goes Red

The leading alternative token launched new downswings from well beyond $2.7K. Ethereum hovered beneath the supports of $2,659 and $2.6K to enter the red territory. Also, Ether saw a close under $2.6K and 100 hourly SMA. For now, the crypto consolidates the losses after touching the $2,525 lows. The closest resistance to the upside sits near $2,585. It’s near 23.6% Fibonacci retracement mark of the latest drop from $2,775 to $2,525.

ETH’s initial massive resistance stands around the $2,620 mark and 100 hourly SMA. Furthermore, Ether’s 1hr chart reveals a bearish trend-line emerging with resistance at $2,600. Uptrends from here will take Ethereum to the hurdle at $2,650, near the 50% Fibonacci retracement zone of the latest fall from swing high at $2,775 to lows of $2,525. A decisive close beyond the hurdle at $2,650 might kick-start steady upswings. That way, the altcoin might climb to $2,750, where bears might dominate in the short term.

Further Declines in Ethereum?

ETH’s failure to start new upsurges past $2,620 will attract downside actions. The crypto will discover an initial foothold around the $2,525 mark. More losses will see Ether exploring the massive support at $2.5K. Meanwhile, a close under $2,525 and $2.5K barriers might trigger more declines. With that, the 2nd-largest digital coin might revisit the $2,445 lows. Increased downswings might clear the path to a massive fall to $2,320 or $2,250. Ethereum bulls should push Ether past $2,620 to prevent downswings.

While publishing this content, Ethereum traded with a bearish stance at $2,567. The broad crypto spectrum highlights downtrends. At this writing, the global crypto market capitalizations stood at $1.73, following a 0.85% overnight decline. Though the market shows slight recovery signs, it remains vulnerable to more downside actions.

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