Ethereum’s failure to rise above $2700 has led to another decline. As a result of the decline, the ETH/USD pair fell below the levels of 2600, 2500 and 2400. However, the ETH/USD pair still managed to stay above 2300. At the time of publication, the ETH/USD pair is trading in the area of 2370, below the 100 hourly moving average.
As a result of the decline on the hourly chart, a downtrend line is forming. It limits the movement of the pair around 2450, creating additional resistance for it. However, the first strong resistance is in the area of 2500. A move above this level will send the pair to the next resistance 2550. A break above this level will trigger a move to the area of 2630. However, it is too early to tell at this time.
In fact, now the ETH/USD pair is struggling for the support level of 2350. A break down of this level will send the pair to the area of 2300. And a movement below this level will accelerate the price fall. As a result, the ETH/USD pair may drop to the area of 2180.
