Ethereum’s price is currently attempting to recover from the $2,400 zone, but faces a significant challenge at the $2,550 level. In order to continue moving higher in the near term, ETH must successfully clear this resistance point.
After experiencing losses and testing the $2,400 support, Ethereum started a recovery wave above the $2,450 level. The price is now trading above $2,500 and the 100-hourly Simple Moving Average, indicating a positive momentum.
The MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI for ETH/USD is now above the 50 zone. These technical indicators suggest a potential upward movement in the near future.
On the upside, Ethereum’s price is currently facing hurdles near the $2,550 level. This is close to the 76.4% Fib retracement level of the downward wave from the $2,595 swing high to the $2,400 low. The first major resistance is expected near the $2,600 level, with further resistances at $2,650 and $2,720.
If Ethereum fails to clear the $2,550 resistance, it could face another decline. The initial support on the downside is near $2,495, with a major support level at $2,450. A move below $2,450 could push the price towards $2,400, where the bulls may step in. Additional losses might lead the price to the $2,320 support level, with a key support at $2,250.
Ethereum’s price recovery is currently at a critical juncture, with key resistance levels to overcome in order to continue moving higher. The technical indicators suggest a bullish momentum, but the price must successfully clear resistance levels to avoid another decline. Traders and investors should closely monitor Ethereum’s price movements in the coming days to gauge the direction of its recovery.
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