Ethereum price extended its decline below the $2,450 level. ETH is now consolidating and might struggle to recover above the $2,425 level.

• Ethereum declined further and traded below the $2,400 zone.
• The price is trading below $2,420 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance at $2,425 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must stay above the $2,350 support to start a fresh increase in the near term.

Ethereum Price Holds Support

Ethereum price remained in a bearish zone and extended losses below the $2,550 level. ETH traded below the $2,450 support to enter a bearish zone like Bitcoin. There was also a move below the $2,400 level.

A low was formed near $2,352 and the price is now consolidating losses. There was a minor increase above the $2,365 level. The price is still below the 23.6% Fib retracement level of the downward move from the $2,655 swing high to the $2,352 low.

Ethereum price is now trading below $2,420 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,420 level. There is also a connecting bearish trend line forming with resistance at $2,425 on the hourly chart of ETH/USD.

The first major resistance is near the $2,500 level or the 50% Fib retracement level of the downward move from the $2,655 swing high to the $2,352 low. The next key resistance is near $2,535.

An upside break above the $2,535 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,650 resistance zone in the near term. The next hurdle sits near the $2,680 level or $2,665.

More Losses In ETH?

If Ethereum fails to clear the $2,420 resistance, it could continue to move down. Initial support on the downside is near the $2,350 level. The first major support sits near the $2,320 zone.

A clear move below the $2,320 support might push the price toward $2,250. Any more losses might send the price toward the $2,150 support level in the near term. The next key support sits at $2,120.

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 – $2,350

Major Resistance Level – $2,420

Bitcoin price is consolidating above the $60,000 support. BTC could aim for a fresh increase unless there is a close below the $60,000 support.

• Bitcoin is consolidating above the $60,000 support zone.
• The price is trading below $61,500 and the 100 hourly Simple moving average.
• There is a key bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it stays above the $60,000 support zone.

Bitcoin Price Starts Consolidation

Bitcoin price extended its decline from the $62,350 resistance. BTC broke the $62,000 and $61,500 support levels to move into a short-term bearish zone. The price even dipped below $60,500.

A low was formed at $60,000 and the price is now consolidating losses. There was a minor increase above the $60,500 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $62,350 swing high to the $60,000 low.

Bitcoin is now trading below $61,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $61,250 level. The first key resistance is near the $61,500 level. There is also a key bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair.

The trend line is close to the 61.8% Fib retracement level of the downward move from the $62,350 swing high to the $60,000 low. A clear move above the $61,500 resistance might send the price higher. The next key resistance could be $62,500.

A close above the $62,500 resistance might spark more upsides. In the stated case, the price could rise and test the $63,200 resistance level. Any more gains might send the price toward the $65,000 resistance level.

More Losses In BTC?

If Bitcoin fails to rise above the $61,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,500 level.

The first major support is near the $60,000 level. The next support is now near the $59,200 zone. Any more losses might send the price toward the $58,500 support in the near term.

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 – $60,500, followed by $60,000.

Major Resistance Levels – $61,500, and $62,500.

Starknet’s STRK token has lost nearly 10% of its value just a week after the ZK-Rollup platform initiated its first phase of staking. Currently trading at $0.38, STRK’s price has dropped 16% in the past 24 hours, making it the third-largest loser behind Beam (BEAM) and Arweave (AR).

Positioned below a critical resistance level, a further spike in selling pressure could push STRK’s price to retest its all-time low of $0.31.

Starknet Bears Defend Resistance

Readings from STRK’s one-day chart show that its price is currently hovering below the resistance formed by its Ichimoku Cloud at $0.43. When an asset’s price is below this cloud, it suggests that sellers have control, and any attempts to push higher are met with resistance from within or just above the cloud.

Traders view the cloud as a significant barrier, and breaking through it to the upside is difficult without strong buying momentum.

Read more: A Deep Dive Into Starkware, StarkNet, and StarkEx

Moreover, STRK’s declining Chaikin Money Flow (CMF) reflects the lack of buying pressure to push above this key resistance level. This indicator, which measures money flow into and out of the market, recently broke below the zero line. At -0.03 at press time, selling pressure outweighs buying activity among STRK traders.

A negative CMF value indicates more capital outflow than inflow. This means traders are selling more of the asset than they are buying, leading to a price decline.

STRK Price Prediction: The Bulls Must Defend the Cloud

If selling pressure intensifies and STRK bulls cannot push the price above the cloud, the downtrend will likely gain momentum. The coin’s next target could be its all-time low of $0.31, last seen on August 5.

Read more: What Is Crypto Staking? A Guide to Earning Passive Income

On the other hand, if a surge in buying activity occurs, STRK’s price may attempt to rally above the cloud, potentially reaching $2.25 — a high last recorded in March.