The second-largest crypto yet again fell into a bearish trap which appears to be extremely strong at the press time. The Ethereum price just broke down one of the major support and plunged to hit the levels around $2600 levels. The horizontal support had earlier acted as a major line of support a couple of times but failed eventually. Moreover, these levels are now the new resistance for the ETH price.
The new resistance is holding the asset strong as the price is trending sideways and building up more momentum for a potential plunge in the upcoming days. However, the asset may attempt to test the upper resistance another couple of times before igniting a notable plunge towards the lower levels very close to $2300.
Currently, the most important level for the ETH price rally is around the $2672 horizontal price range which was serving as strong resistance in the 4-hour time frame. If the asset remains below these key levels for some more time, then a huge price retest to the lower levels is pretty much possible. As hovering below the resistance for a considerable amount of time may invite huge selling pressure that may push the price towards the lower target much below $2500.
Therefore, the ETH price may continue ranging beneath $2,672 crucial resistance and trade sideways which may serve as a break and retest for the price. This may confirm the price levels switching from previous support to new resistance for Ethereum. Therefore, the asset needs to accumulate strength by chopping around below the resistance levels and finally push towards the lower support amid extreme sell-off.
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