Ethereum price started a fresh decline from the $2,450 resistance zone. ETH is now consolidating losses and might face hurdles near $2,400 and $2,450.

• Ethereum is facing an increase in selling below the $2,450 zone.
• The price is trading below $2,500 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance at $2,390 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a decent upward move if it settles above $2,400 and $2,500.

Ethereum Price Extends Losses

Ethereum price failed to clear the $2,550 resistance zone and started a fresh decline, like Bitcoin. ETH gained pace below the $2,500 and $2,450 support levels to move further in a bearish zone.

The price declined over 5% and even traded below the $2,320 support zone. A low was formed at $2,251 and the price is now consolidating losses. There was a minor recovery wave above the 23.6% Fib retracement level of the downward move from the $2,519 swing high to the $2,251 low.

Ethereum price is now trading below $2,450 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance at $2,390 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,380 level or the 50% Fib retracement level of the downward move from the $2,519 swing high to the $2,251 low. The first major resistance is near the $2,420 level.  The main resistance is now forming near $2,450.

A clear move above the $2,450 resistance might send the price toward the $2,500 resistance. An upside break above the $2,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,550 resistance zone or even $2,620 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $2,500 resistance, it could start another decline. Initial support on the downside is near the $2,315 level. The first major support sits near the $2,250 zone.

A clear move below the $2,250 support might push the price toward the $2,200 support. Any more losses might send the price toward the $2,120 support level in the near term. The next key support sits at $2,050.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,250

Major Resistance Level – $2,500

Pump.fun’s X (formerly Twitter) account suffered a hack this morning, promoting a fake governance token. One wallet was able to gain over $135,000 in one minute by manipulating its price jump.

The platform denied that it would launch its own token, but enthusiasts still jumped at the chance to be scammed. In this environment, it’s very important to remain cautious and levelheaded.

Pump.fun, the popular meme coin launchpad, has persistently denied rumors that it would launch its own token. Still, its users and supporters are eager to believe that such a launch would take place, to the extent that many fell for a scam.

This morning, a hack targeted Pump.fun’s X account, claiming that a new investment opportunity was available:

“Introducing PUMP, the official Pump.fun governance token, where democracy has never been this degen. We will also be rewarding our OG degens,” the fake post read. It also included a link with purchasing information.

The company’s account was still active while the fake social media content was live, and some responses to fans from this window were still live at the time of this writing.

This has led some community members to speculate that the token is legit, but there’s clear evidence against it.

Bubblemaps noted that the fake PUMP tokens are heavily bundled, with two clusters holding over 60% of the supply. Yet, some traders have capitalized on the hack.

One user spent $5,532 in SOL to buy the fake token and offloaded the entire supply at a higher price one minute later. This netted the user over $135,000 in profits.

This Pump.fun social media hack is hardly an isolated incident. It’s becoming a common tactic for scammers. Myanmar’s current head of state was hacked last week, as were former leaders from Brazil and Malaysia.

Today’s incident is part of a broader trend. Hackers are seemingly targeting high-profile social media accounts to quickly shill and rug pull fake tokens.

At the time of reporting, the account still looks to be compromised. Hackers have seemingly deleted the original post and are now promoting a ‘hackeddotfun’ token.

Meme coin traders should remain very cautious. Recent reports suggest that most Pump.fun users already lose money in general trading.

So, hacks like these make the environment even more treacherous. If a project seems too good to be true, it very well might be.

Bitcoin price started a fresh decline below the $88,000 support. BTC must stay above the $80,000 zone to avoid more losses in the near term.

• Bitcoin started a fresh decline from the $92,500 zone.
• The price is trading below $88,000 and the 100 hourly Simple moving average.
• There is a connecting bearish trend line forming with resistance at $86,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another decline if it fails to stay above the $82,000 zone.

Bitcoin Price Dips Further

Bitcoin price failed to stay above the $92,500 level and started a fresh decline. BTC declined heavily below the $90,000 and $88,000 support levels.

The price even dived below the $85,000 level. It tested the $80,000 zone. A low was formed at $80,525 and the price is now consolidating losses. It is back above the $83,500 level and the 23.6% Fib retracement level of the downward move from the $89,203 swing high to the $80,525 low.

Bitcoin price is now trading below $85,200 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $85,000 level or the 50% Fib retracement level of the downward move from the $89,203 swing high to the $80,525 low.

The first key resistance is near the $85,500 level. There is also a connecting bearish trend line forming with resistance at $86,150 on the hourly chart of the BTC/USD pair.

The next key resistance could be $87,150. A close above the $87,150 resistance might send the price further higher. In the stated case, the price could rise and test the $88,500 resistance level. Any more gains might send the price toward the $90,000 level or even $90,500.

Another Drop In BTC?

If Bitcoin fails to rise above the $86,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $83,000 level. The first major support is near the $82,000 level.

The next support is now near the $81,200 zone. Any more losses might send the price toward the $80,000 support in the near term. The main support sits at $78,500.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $82,000, followed by $80,000.

Major Resistance Levels – $85,000 and $86,000.