Ethereum Price Grinds Lower: Is the Bullish Momentum Fading?

Oct 3, 2024 04:00 am Cryptocurrency 9

Ethereum price extended its decline below the $2,450 level. ETH is now consolidating and might struggle to recover above the $2,425 level.

Ethereum declined further and traded below the $2,400 zone.

The price is trading below $2,420 and the 100-hourly Simple Moving Average.

There is a connecting bearish trend line forming with resistance at $2,425 on the hourly chart of ETH/USD (data feed via Kraken).

The pair must stay above the $2,350 support to start a fresh increase in the near term.

Ethereum Price Holds Support

Ethereum price remained in a bearish zone and extended losses below the $2,550 level. ETH traded below the $2,450 support to enter a bearish zone like Bitcoin. There was also a move below the $2,400 level.

A low was formed near $2,352 and the price is now consolidating losses. There was a minor increase ..

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