The Ethereum price has been on a rollercoaster ride, starting a recovery wave from the $2,400 zone. Despite attempts to climb above $2,600 resistance, ETH is currently struggling to gain momentum. The price is trading below $2,550 and the 100-hourly Simple Moving Average, indicating a tough road ahead.
There was a glimmer of hope as Ethereum made a break above a key bearish trend line with resistance at $2,550 on the hourly chart of ETH/USD. However, the bears were quick to react near the $2,600 resistance, preventing any significant breakthrough. The price is now facing hurdles near the $2,550 level and the 100-hourly Simple Moving Average, posing a challenge for any bullish momentum.
In order to maintain any hope for another increase in the near term, the pair must stay above $2,485. Failure to do so could result in another decline, with initial support near $2,500 and major support at the $2,485 zone. A clear move below $2,485 might lead to a downward spiral, pushing the price towards $2,420 where bullish investors might reemerge.
Despite the challenging landscape, there are still glimmers of potential for Ethereum price. A close above the $2,600 level could pave the way for a push towards the $2,660 resistance, with the next key obstacle at $2,720. An upside break above the $2,720 resistance could send the price soaring towards the $2,820 resistance zone in the near term. However, failure to clear the $2,600 resistance might signal a continuation of the struggle for ETH.
The Hourly MACD for ETH/USD is losing momentum in the bullish zone, while the Hourly RSI has dipped below the 50 zone, hinting at potential challenges ahead for Ethereum price. As the battle for momentum continues, investors will need to keep a close eye on key support and resistance levels to gauge the future direction of ETH.
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