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Ethereum is currently in the process of trying to recover from the $2,400 zone. In order to continue its upward momentum in the near future, ETH needs to successfully surpass the $2,550 mark.
Ethereum Price Starts Recovery
Ethereum’s price experienced a decline below the $2,500 level, with ETH even testing the $2,400 support before witnessing some bullish activity. The price began a recovery phase above the $2,450 level, similar to what Bitcoin did.
There was a breakthrough above the $2,480 and $2,500 resistance levels. The price climbed above the 50% Fibonacci retracement level of the downward movement from the $2,595 high to the $2,400 low. Additionally, a bearish trend line with resistance at $2,485 was breached on the hourly chart of ETH/USD.
Currently, Ethereum’s price is trading above $2,500 and the 100-hourly Simple Moving Average. On the upside, the price is facing obstacles near the $2,550 level. It is approaching the 76.4% Fibonacci retracement level of the downward movement from the $2,595 high to the $2,400 low.
The primary resistance level stands near $2,600. If Ethereum manages to close above $2,600, it could propel Ether towards the $2,650 resistance level. The subsequent significant resistance is around $2,720. A breakthrough above the $2,720 resistance could lead to a price surge towards the $2,800 resistance zone in the short term.
Another Decline In ETH?
If Ethereum is unable to surpass the $2,550 resistance, it may face another decline. Initial support on the downside can be found near $2,495, with the main support resting around the $2,450 area.
A decisive move below the $2,450 support level could drive the price towards $2,400, where bullish momentum may kick in. Further losses could push the price towards the $2,320 support level in the near future, with the next key support level at $2,250.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is showing bullish momentum.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Major Support Level – $2,450
Major Resistance Level – $2,550
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Conclusion
As Ethereum embarks on a recovery journey, the cryptocurrency market is eagerly anticipating how it will perform in the coming days. With key resistance levels to overcome, including $2,550 and $2,600, the momentum is crucial for ETH to sustain its upward trajectory. On the contrary, a failure to break above these resistance levels could lead to a potential decline, testing support levels at $2,450 and $2,400.
Technical indicators suggest a favorable outlook for Ethereum, with the MACD showing bullish momentum and the RSI above the neutral 50 zone. Traders and investors are closely monitoring the price action to capitalize on potential opportunities as the market dynamics evolve.
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