Ethereum Breaks Below ₱141,582 ($2,340) Trend Line Amid Bitcoin Surge
Ethereum underperformed Bitcoin this week as technical indicators turned bearish. The hourly MACD is gaining momentum in the bearish zone while RSI sits below 50, with support levels at ₱136,439 ($2,255) and ₱128,271 ($2,120).
Key Takeaway
ETH's break below $2,340 trend line puts $2,255 support in play despite Bitcoin's strength.
Ethereum trading below ₱142,187 ($2,350) marks a sharp contrast to Bitcoin's rally toward $78,000 this week.
The ETH price pulled back from the $2,425 zone and broke below a bullish trend line at $2,340, reaching a low of $2,286 before consolidating above $2,285. That low point sits at the 23.6% Fibonacci retracement level from the swing high of $2,423, with immediate resistance now near $2,355.
Technical indicators paint a bearish picture. Ethereum traded below its 100-hourly simple moving average, while the hourly MACD gains momentum in the bearish zone and RSI hovers below 50. First key resistance sits near $2,385, with the next major barrier at $2,425.
A fresh increase remains possible if Ethereum holds above the $2,255 zone. Breaking past $2,450 could push the price toward the $2,510 resistance zone, with further upside targeting $2,550 in the near term. The 50% Fib retracement level from the recent swing high to low marks another hurdle for bulls.
Downside risks are mounting. Initial support on the downside sits at $2,285, followed by the first major support at $2,255. A break below that level could send Ethereum toward $2,200, with further losses potentially reaching $2,150 or the main support at $2,120.
Price data from Kraken shows Ethereum has posted just one positive monthly close since August 2025, ending a six-month losing streak in March 2026.
This article was written based on reporting from NewsBTC.
