Kraken Observes Ethereum’s Key Support Test After Failed Rally

Ethereum's price action has taken a bearish turn following an unsuccessful attempt to break through the $2,520 resistance level. As of July 2, 2025, the cryptocurrency has retreated below critical support zones, with mounting pressure now evident at the $2,350 threshold. This decline saw ETH breach both the $2,450 support level and its 100-hour moving average, signaling weakened bullish momentum. Trading volumes accompanying this downward movement suggest sustained bearish sentiment among market participants. The failure to maintain higher price levels has put Ethereum's near-term trajectory in question, with traders closely monitoring whether these key support levels can hold. This development comes amid broader market uncertainty, though Ethereum's fundamental strengths as the leading smart contract platform continue to provide long-term optimism for many investors. The Kraken exchange, as a major trading venue for ETH, remains a critical platform for observing these market dynamics as they unfold.

Ethereum Price Retreats After Failed Rally, Key Support Levels Tested

Ethereum's bullish momentum faltered as prices retreated from the $2,520 resistance level, slipping below critical support zones. The second-largest cryptocurrency now faces mounting pressure at the $2,350 threshold after breaking through multiple technical defenses.

The decline saw ETH breach both the $2,450 support and its 100-hour moving average, with trading volumes suggesting sustained bearish sentiment. Market observers note the breakdown of a key ascending trendline that had previously supported price action since the last upward move.

Technical indicators show potential for recovery if ethereum can maintain footing above $2,350. The 50% Fibonacci retracement level near $2,450 now serves as immediate resistance, with stronger barriers emerging at $2,465. Market participants await either confirmation of this support zone holding or further downside toward yearly lows.

XRP Price Retreats From Highs — Is The Rally In Jeopardy?

XRP's upward momentum faltered as the cryptocurrency retreated from its recent peak of $2.320, sparking concerns about the sustainability of its rally. The digital asset now faces critical support levels amid broader market weakness.

A decisive break below the $2.220 support level and the 100-hour moving average signals growing bearish pressure. The breakdown of a key bullish trend line at $2.20 further exacerbates the technical damage, with the price currently consolidating NEAR $2.148.

Market participants are watching the $2.238 resistance level closely — a clean break above this threshold could reignite bullish sentiment, while failure to reclaim this level may precipitate further declines.

Solana (SOL) Tests Key Support Level Amid Market Correction

Solana's price action mirrors broader crypto market weakness, with SOL retesting the $145 support zone after failing to breach $160 resistance. The asset now faces a critical technical juncture as traders watch for confirmation of either a bullish reversal or further downside.

Hourly chart analysis shows SOL breaking a bearish trendline at $147, suggesting potential for recovery. The $152 level emerges as a key resistance point, representing a 50% Fibonacci retracement of the recent decline from $160 to $144. Market participants are particularly watching the $142 support level, which could determine near-term price direction.

Trading volume patterns on Kraken indicate accumulation near support levels, while the 100-hour moving average at $150 continues to act as dynamic resistance. The current technical setup presents a classic 'higher low' opportunity if $142 holds, though failure could see a test of the $135 support zone.