Ethereum has fallen back below the $2,560 level after failing to break the $2,610 resistance. Technical indicators suggest bearish momentum, with declining trade volume.
Current Market Situation of Ethereum
Ethereum is displaying bearish trends in the current market, retreating to the $2,550-$2,560 range after briefly reaching $2,610. This level has previously supported prices since June 15 and serves as a crucial resistance point.
Technical Analysis and Indicators
On the hourly chart, Ethereum shows bearish momentum with the Relative Strength Index (RSI) at 35.6, further confirming bearish divergence. The MACD remains in negative territory. A symmetrical triangle formation on the daily chart suggests potential weakness towards support around $2,440.
Key Levels and Future Predictions
If Ethereum fails to reclaim the $2,570-$2,580 range, bears may target immediate support at $2,515, with a further demand zone around $2,440 anticipated. To restore bullish momentum, a break above resistance at $2,610 and $2,645 is required.
Despite current declines, key support and resistance levels will determine Ethereum's future momentum. Monitoring changes in trade volume and technical indicators will be vital for determining the cryptocurrency's direction.
