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Ethereum price has recently shown signs of recovery as it bounced back from the $2,400 zone. However, the cryptocurrency is currently facing challenges in breaking above the $2,600 resistance level.
After trading above $2,500 and $2,550, Ethereum encountered resistance and is now below $2,550 and the 100-hourly Simple Moving Average. Despite this, there was a positive development as a key bearish trend line was broken with resistance at $2,550 on the hourly chart of ETH/USD provided by Kraken. For Ethereum to see further gains, it must maintain support above $2,485 in the short term.
Ethereum Price Attempts Recovery
Similar to Bitcoin, Ethereum’s price managed to stay above $2,400 and initiated a recovery wave. It successfully surpassed the $2,480 and $2,500 resistance levels. Furthermore, there was progress in breaking above the 23.6% Fibonacci retracement level of the downward wave from the $2,792 swing high to the $2,395 low.
Notably, Ethereum price exceeded the $2,550 resistance level and even broke a key bearish trend line with resistance at $2,550 on the hourly chart of ETH/USD. Despite these positive moves, resistance was encountered near the $2,600 level where bears defended the 50% Fibonacci retracement level.
At present, Ethereum price is below $2,580 and the 100-hourly Simple Moving Average. Hurdles are expected near the $2,550 level and the 100-hourly Simple Moving Average, with the primary resistance at $2,600. A successful close above $2,600 could propel Ether towards the $2,660 resistance level.
The next significant resistance level to watch is around $2,720. Breaking above this level could potentially send the price higher towards the $2,820 resistance zone in the near future.
Another Decline In ETH?
If Ethereum fails to overcome the $2,600 resistance, a new decline might occur. Initial support on the downside is located near $2,500, followed by a major support level at $2,485. A clear break below $2,485 could lead to a downward movement towards $2,420, where bulls could step in. Further losses may push the price towards the $2,320 support level, with the subsequent key support at $2,250.
Technical Indicators
Hourly MACD – The MACD for ETH/USD indicates a loss of momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD has dropped below the 50 zone.
Major Support Level – $2,485
Major Resistance Level – $2,600
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Conclusion
In conclusion, Ethereum’s price recovery faces resistance near the $2,600 level, with potential support levels at $2,500 and $2,485. Technical indicators suggest a possible decline if the $2,600 resistance is not breached. Traders and investors should keep a close watch on key levels to gauge the future direction of Ethereum’s price movement. Stay informed with DeFi Daily News for the latest updates on decentralized finance and the broader cryptocurrency market!
