Ethereum Price Grinds Lower: Will Support Kick In Soon?

Nov 5, 2024 04:00 am Cryptocurrency 10

Ethereum price extended losses and traded below the $2,500 support. ETH is consolidating and might struggle to recover above the $2,500 resistance.

Ethereum started a fresh decline from the $2,550 resistance zone.

The price is trading below $2,480 and the 100-hourly Simple Moving Average.

There is a new connecting bearish trend line forming with resistance at $2,445 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start a recovery wave if it surpasses the $2,445 and $2,500 resistance levels.

Ethereum Price Extends Losses

Ethereum price struggled to stay above $2,500 and started a fresh decline like Bitcoin. ETH declined below the $2,450 and $2,420 levels.

It tested the $2,350 support zone. A low was formed at $2,357 and the price is now attempting to recover. There was a move above the $2,385 resistance zone. The price tested the 23.6% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.

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