Ethereum failed to continue above $2,500 and started a fresh decline against the US Dollar. ETH price is showing bearish signs and it could continue lower below $2,240.
Ethereum is struggling to gain bullish momentum above the $2,400 and $2,500 levels. The price is now trading well below $2,450 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $2,410 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate lower if it breaks the $2,200 support zone in the near term. Ethereum Price Is Showing Bearish Signs
Ethereum started a decent recovery from the $2,200 support zone. ETH climbed above the $2,300 and $2,350 resistance levels. However, the bulls failed to gain strength for a push above $2,450 and the 100 hourly simple moving average.
The price started a fresh decline and traded below the $2,400 level. It broke the 50% Fib retracement level