Ethereum Price Dips Below $2,500: Investors Eye Key Support Levels

Ethereum's price is currently experiencing a bearish trend, falling below the $2,550 mark. The price is trading under $2,500 and the 100-hourly Simple Moving Average, signaling downward pressure. A significant break occurred below a rising channel that previously offered support at $2,610. If the price remains below $2,400, further losses are anticipated in the short term. After failing to surpass $2,650, Ethereum, like Bitcoin, began a fresh decline. The price found a low at $2,394 and is now consolidating, showing attempts to recover from the drop. Resistance levels are present near $2,460 and $2,500, with the $2,540 level as the first major resistance. If Ethereum fails to break above $2,500, another decline could ensue, with initial support at $2,400 and major support at $2,320. Technical indicators like the MACD and RSI suggest bearish momentum.