Ethereum Bulls Stuck Below ₱144,086 ($2,400) as Bearish Trend Holds
Ethereum tested the 50% Fibonacci retracement level between ₱130,878 ($2,180) and ₱145,107 ($2,417) after momentum failed near $2,400. Bulls must hold $2,295 to keep the structure intact.
Key Takeaway
Ethereum needs to reclaim $2,360 or risk sliding toward $2,150 support.
Ethereum momentum failed near $2,400 and started a downside correction after bears defended that level.
ETH dipped below $2,320 and tested the 50% Fibonacci retracement level between a swing low at $2,180 and a swing high at $2,417. The price currently trades above $2,300 and the 100-hour simple moving average, but a bearish trend line on the hourly chart caps gains at $2,360.
Bulls need to hold above $2,295 to keep the structure intact. That level serves as major support and sits near the 61.8% Fib retracement at $2,265. If ETH breaks through the $2,360 resistance, the next targets are $2,380 and $2,420. A clear move above $2,450 could open the door to $2,500 and eventually $2,550.
Technical indicators show momentum fading. The hourly MACD is losing steam in the bullish zone while the RSI dropped below 50, signaling weakening buying pressure. If ETH fails to clear $2,360, another correction could push the price toward $2,265, then $2,220. A break below $2,200 would expose the main support at $2,150. Data for the ETH/USD pair comes from Kraken's hourly chart.
This article was written based on reporting from NewsBTC.
