Ethereum Price Dips Alongside Bitcoin, Decoding Key Hurdles To Fresh Increase

Jan 19, 2024 04:00 am Cryptocurrency 189

Ethereum price struggled to rise above $2,550 and $2,580. ETH started a fresh decline like Bitcoin and traded below the $2,500 support zone.

Ethereum attempted a fresh increase but failed to surpass $2,550.

The price is trading below $2,500 and the 100-hourly Simple Moving Average.

There is a connecting bearish trend line forming with resistance near $2,480 on the hourly chart of ETH/USD (data feed via Kraken).

The pair continue to move down if there is a move below the $2,425 support.

Ethereum Price Extends Decline

Ethereum price struggled to gain pace for a move above the $2,550 and $2,580 resistance levels. ETH formed a short-term top and started a fresh decline below $2,500 like Bitcoin.

There was a move below the $2,450 level. A new weekly low was formed near $2,424 and the price is now consolidating losses. There was a ..

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