Despite consolidating above the $2,550 resistance, Ethereum is facing challenges in gaining bullish momentum above the $2,650 level. The price is currently trading above $2,600 and the 100-hourly Simple Moving Average, but it is struggling to make a significant move towards higher levels.
The hourly MACD for ETH/USD is gaining momentum in the bullish zone, indicating a potential uptrend in the future. Additionally, the hourly RSI for ETH/USD is now above the 50 zone, suggesting a positive sentiment among traders.
If Ethereum fails to clear the $2,650 resistance, it could potentially start another decline. The initial support on the downside is near $2,600, with the first major support sitting at the $2,580 zone. A clear move below the $2,580 support might push the price lower towards $2,550, where the bulls could step in.
On the other hand, if Ethereum manages to break above the $2,650 resistance, it could face hurdles near the $2,720 level. A close above this level might send Ether towards the $2,750 resistance, with the next key resistance sitting near $2,880. An upside break above the $2,880 resistance could potentially propel the price higher towards the $3,000 resistance zone in the near term.
Looking at the hourly chart of ETH/USD, there is a short-term contracting triangle forming with resistance at $2,640. This pattern could indicate a potential breakout in either direction, depending on market sentiment and trading volume. Traders should keep a close eye on these levels for potential entry and exit points.
Overall, the future of Ethereum price remains uncertain as it struggles to gain bullish momentum above key resistance levels. Traders and investors should exercise caution and closely monitor the market developments to make informed trading decisions.
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