TA: Ethereum (ETH) Turns Red, What Could Trigger Additional Losses

Ethereum failed to recover above the $2,500 resistance against the US Dollar. ETH price could accelerate its decline if it fails to stay above the $2,440 support. Ethereum traded below the $2,550 and $2,500 support levels. The price is now trading just below $2,500 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 is likely to continue lower below the $2,440 support zone in the near term. Ethereum Price Could Extend Losses Ethereum started a fresh decline from well above $2,600. ETH price broke the key $2,550 support level, similar to bitcoin near $40,000. The price even broke the $2,500 support level to enter a short-term bearish zone. The price is now trading just below $2,500 and the 100 hourly simple moving average. The recent low was formed near $2,444 before the price attempted a minor upside correction. There was a break above the $2,500 level. Ether recovered above the 23.6% Fib retracement level of the recent decline from the $2,668 swing low to $2,444 low. However, the bears were active near the $2,550 resistance zone. The next key resistance is near the $2,555 level. It is close to the 50% Fib retracement level of the recent decline from the $2,668 swing low to $2,444 low. There is also a key bearish trend line forming with resistance near $2,580 on the hourly chart of ETH/USD. Source: ETHUSD...