TA: Why Ethereum Needs To Clear $2,650 For Hopes of a Fresh Rally

Ethereum extended decline below the $2,525 support zone against the US Dollar. ETH price remained bid near $2,500 and currently attempting an upside break. Ethereum is still struggling to clear the $2,600 and $2,625 resistance levels. The price is now trading below $2,600 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $2,580 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline if it fails to clear $2,625. Ethereum Price Faces Hurdles Ethereum started a fresh decline from well the $2,625 zone. ETH traded below the $2,550 and $2,525 support levels to move into the red zone. The price even spiked below $2,500 and settled below the 100 hourly simple moving average. Ether price traded as low as $2,486 and recently recovered sharply. There was a clear move above the $2,525 and $2,550 resistance levels. The bulls pumped the price above the 50% Fib retracement level of the recent decline from the $2,624 swing high to $2,486 low. It is now facing resistance near the $2,580 level. There is also a key bearish trend line forming with resistance near $2,580 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the recent decline from the $2,624 swing high to $2,486 low. Source: ETHUSD on TradingView.com The first major resistance is seen near the $2,625 level. The next major resistance is near the $2,650 ...