Once upon a time, Ethereum‘s price briefly ascended, only to come crashing back down to $2,320. Now it’s looking like a sad puppy, struggling to hold onto the $2,220 support zone. Poor thing.
- Ethereum embarked on a correction from the high, foolishly testing the $2,320 level.
- And now, it’s stuck below $2,500, helplessly watching the 100-hourly Simple Moving Average stroll ahead.
- A bearish trend line is emerging, taunting ETH with its resistance at $2,540 on the hourly chart of ETH/USD (data feed via Kraken, because why not).
- If it manages to break through $2,550, perhaps we’ll see some semblance of hope—maybe.
ETH: An Upside Break That Might Actually Not Happen?
Ethereum tried and failed to break the $2,520 resistance, sending it into a glorious downward spiral. Unlike its peer, Bitcoin, ETH traded below the $2,500 and $2,440 levels, just because it loves challenges.
The bears (always the villains) pushed the price below the 50% Fib retracement level of the upward move from $2,308 to $2,509. It even dipped below $2,440, but the bulls had a moment of redemption near $2,400. What a dramatic saga!
Stable? Well, not really. The price is still below $2,450 and the 100-hourly SMA, clutching on to dear life. The bearish trend line continues to snicker from the sidelines with its $2,540 resistance, keeping ETH down.
Should the price attempt to rise again, it may face resistance around $2,460, followed by $2,500, and if it’s feeling particularly ambitious, $2,550. Any glorious upward move above that could push it to the fabled $2,580, with dreams of higher realms like $2,700—or even $2,780! Oh, how the mighty fall, then rise again… maybe.
Should a miracle happen and the price breaks above $2,580, we might actually see gains. But don’t hold your breath—after all, miracles are rare.
More Declines Ahead? Oh, What a Surprise!
If Ethereum fails yet again to break $2,500, it’s destined for yet another decline. The first stop? A tepid $2,400 support, just hanging there. Then, the grand descent continues to $2,350—what an adventure!
Crossing below $2,350 may bring Ethereum to $2,320, followed by the next, not-so-exciting support at $2,220. The key support after that is $2,120, so there’s that.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is adding more momentum to the bear market—cheerful, isn’t it?
Hourly RSI – The RSI for ETH/USD is now below 50. It’s just casually swimming in the bearish zone.
Major Support Level – $2,400. You know, the level that Ethereum keeps clinging to, like a drowning swimmer.
Major Resistance Level – $2,500. Oh, sweet resistance, forever elusive.
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2025-05-19 06:24