Kraken Observes Ethereum’s Struggle as Price Tests Critical Support Levels

Ethereum's price has recently faced significant downward pressure, dropping below the crucial $2,620 support level and testing the $2,450 zone. As of June 19, 2025, the second-largest cryptocurrency is trading below $2,540 and the 100-hourly Simple Moving Average, indicating sustained bearish momentum. Despite the downturn, a rising channel formation with support at $2,480 provides a technical lifeline for bullish traders. However, for a meaningful recovery, Ethereum must overcome the $2,565 resistance, which aligns with the 50% Fibonacci retracement level. Kraken and other major exchanges are closely monitoring these developments as market consolidation continues. Investors remain cautious, weighing technical indicators against broader market trends to determine their next moves in this volatile environment.

Ethereum Price Faces Downward Pressure Amid Market Consolidation

Ethereum's price has entered a fresh decline, slipping below the critical $2,620 support level and testing the $2,450 zone. The second-largest cryptocurrency now trades below $2,540 and the 100-hourly Simple Moving Average, signaling persistent bearish pressure.

A rising channel formation with support at $2,480 offers a glimmer of technical hope, but bulls must clear the $2,565 resistance - NEAR the 50% Fibonacci retracement of the recent downward wave - to establish momentum. The $2,625 level looms as the next significant hurdle should recovery take hold.

Market observers note Ethereum's movement mirrors Bitcoin's recent struggles, with both assets facing intensified selling pressure. The current consolidation phase follows a swift descent from the $2,680 swing high, leaving traders watching for either a breakout above $2,565 or further downside toward $2,450.

Bitcoin Price Struggles to Reclaim Resistance — Sideways Action Dominates

Bitcoin's price action remains constrained within a tight range, unable to break through key resistance levels. The cryptocurrency dipped below $106,200, finding temporary support near $103,500 before attempting a feeble recovery. Market structure appears bearish, with BTC trading below both the psychological $105,500 level and the 100-hour moving average.

A descending trendline near $105,200 on Kraken's BTC/USD chart continues to cap upward movements. The 23.6% Fibonacci retracement level offered minimal relief, while the 50% retracement at $106,150 looms as the next significant hurdle. Traders await either a decisive break above $105,500 or another test of the $103,400 swing low to determine the next directional bias.