Ethereum Price Grinds Lower: Will Support Kick In Soon?

Ethereum is experiencing a gradual decline in price and has fallen below the support level of $2,500. At present, ETH is consolidating and may encounter difficulty in reclaiming the $2,500 resistance level. The downward movement commenced from the $2,550 resistance zone, causing Ethereum to drop below $2,480 as well as the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a bearish trend line is forming with resistance at $2,445. If the pair manages to surpass the resistance levels at $2,445 and $2,500, a recovery wave could ensue. However, if Ethereum fails to clear the $2,445 resistance, it might undergo another decline. The initial support sits around $2,380, with a more significant support level around $2,350. Further losses may lead to a drop towards $2,285 and the subsequent key support level at $2,220. The MACD and RSI indicators are displaying signs of bearish momentum. The major support level is at $2,360, while the major resistance level remains at $2,500.