Ethereum took a hit this week, breaking below a bullish trendline on the hourly chart and sliding under its 100-hour simple moving average for the first time in the current session. The breakdown has traders watching a nearby support zone, with technical indicators pointing to continued downside risk.
Trendline and moving average break
The hourly chart shows Ethereum breaking below a bullish trendline that had offered support in recent days. That was followed by a drop below the 100-hour moving average, a level that had held as a floor during prior pullbacks. The move accelerated, briefly touching a fresh low for the week before stabilizing. The break of both levels in quick succession suggests sellers are in control.
Technical indicators turn bearish
The MACD on the hourly chart has moved into negative territory, with the histogram printing lower bars. At the same time, the relative strength index slipped below the neutral 50 mark, indicating bearish momentum is building. A modest recovery did push ETH back above a Fibonacci retracement level, but the bounce was short-lived and the overall structure remains weak.
Key levels to watch
The next major support sits just below the recent low, with additional layers deeper down that could come into play if selling pressure persists. On the upside, resistance is clustered near the broken trendline and the 100-hour moving average. Those levels are likely to cap any recovery attempts unless buying volume picks up sharply.
Traders are now watching to see if the current support holds or if the next leg lower will bring deeper support zones into play. The coming hours will be crucial for determining whether the bearish momentum has more room to run.
