Ethereum may pull back to $ 2400 amid a bearish trend

Ethereum ETH $2,524.79 Bridged Ether (StarkGate) 0.35% Market capitalization $0.15 billion VOL. 24 hours $1.3 billion continues to show an upward trend, rising above the $ 2,550 level. Currently, the price is consolidating, and the key support level is located at $ 2,600, according to the ETH/USD pair chart obtained from Kraken. The main resistance to growth is currently located at $ 2,640 and $ 2,665.

The Ethereum price previously tested the $ 2,677 level and is now trading above $ 2,550 and the 100-hour simple moving average. With a further breakout above $ 2,720, growth to $ 2,780 or even $ 2,880 is likely in the coming sessions.

However, if Ethereum fails to stay above $ 2,665, it could lead to a decline in value. The nearest support is at $ 2,600, and the main support is around $ 2,575. In case of a further drop, the price could fall back to $ 2,500 and then to $ 2,420.

Technical analysis indicators indicate that a period of decline is approaching: MACD is gaining bearish momentum, and RSI is below the 50 zone. Therefore, the current situation may change depending on the price’s reaction to key support and resistance levels.