Ethereum Struggles for Momentum: Will It Overcome the Slowdown?

Ethereum’s price continued to decline, testing the $2,380 support zone. While ETH is working to recover, it’s facing challenges in gaining momentum to rise above the $2,525 level.

Ethereum’s price fell further below the $2,250 mark, unlike Bitcoin. ETH dipped to a low of $2,379 but has since begun to correct upward.

There was a slight rise above the $2,420 level, with the price surpassing the 50% Fibonacci retracement level of the downward movement from the $2,562 swing high to the $2,379 low. The bulls managed to push the price above the $2,500 resistance but faced difficulties around the $2,520 mark.

If Ethereum is unable to break through the $2,520 resistance, it may begin to decline again. Initial support on the downside is around the $2,480 level, while the first major support is near the $2,420 zone.

A decisive move below the $2,420 support could drive the price down to $2,380. Further losses might push it toward the $2,320 support level in the near term, with the next significant support at $2,250.