Ethereum Price Plunges 10%: Is It the Right Time to Buy?

Jakarta, Pintu News – Ethereum (ETH) recently experienced a sharp drop below the $2,500 support level, similar to what happened to Bitcoin (BTC). This drop took Ethereum (ETH) below the $2,350 and $2,250 levels, even reaching below $2,200. Currently, the market is showing signs of consolidation, but investors remain wary of the potential for further declines.

Ethereum Price Recovery: A Possibility?

After hitting a low of $2,120, Ethereum (ETH) is trying to recover. There was a slight rise above $2,200, and the price managed to break the 23.6% Fibonacci retracement level of the last drop from $2,568 to $2,114. Despite the recovery attempt, Ethereum (ETH) is still trading below $2,300 and the 100-hour simple moving average.

On the upside, Ethereum (ETH) faces resistance near $2,250. There is an important bearish trend line with resistance at $2,280 seen on the hourly chart of ETH/USD. The next key resistance is near $2,340, which is close to the 50% Fibonacci retracement level of the same decline.

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Possibility of Further Decline

If Ethereum (ETH) fails to break the $2,340 resistance, there is a possibility that the price will drop again. Initial support lies near $2,200, with the next major support in the $2,150 zone. If the price manages to break below this support, Ethereum (ETH) could head to $2,120 support, and if the decline continues, the next target is $2,050.

Further declines could be triggered by the bearish momentum seen on the hourly Moving Average Convergence Divergence (MACD), which shows strengthening in the bearish zone. Additionally, the hourly Relative Strength Index (RSI) for ETH/USD is currently below the 50 zone, signaling selling pressure.

Technical Indicators and Key Levels

Current technical indicators suggest that Ethereum (ETH) may still be under pressure. The hourly MACD for ETH/USD shows increasing bearish momentum, while the hourly RSI is below 50, suggesting further bearish strength.

This signals that Ethereum (ETH) may face difficulties to sustain its current price recovery. The current key support level for Ethereum (ETH) is $2,150, while key resistance is at $2,340. If Ethereum (ETH) can break this resistance, there is potential to return to the $2,400 level and possibly reach $2,500.

Conclusion: Cautious But Optimistic

Although Ethereum (ETH) is facing some challenges in the current market, there is room for optimism if it can break some key resistance levels. Investors and traders should monitor technical indicators and support and resistance levels to make informed investment decisions in these uncertain times.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• NewsBTC. Ethereum Price Slides to $2150, What’s Next?. Accessed on June 24, 2025
• Featured Image: CryptoSlate