Ethereum price recently experienced a downward correction after testing the $2,620 support zone. The price even dropped below the $2,550 support level but found support near $2,440. Currently, Ethereum is trading in a range, similar to Bitcoin, and is facing hurdles near the $2,550 and $2,585 levels.
ETH is now attempting to make a fresh increase starting from the $2,450 level. Currently, the price is trading just above $2,500 and the 100-hourly Simple Moving Average. Additionally, there was a break above a connecting bearish trend line with resistance near $2,510 on the hourly chart of ETH/USD. To gain bullish momentum, Ethereum needs to clear the $2,550 and $2,585 resistance levels.
The main resistance level for Ethereum is now forming near $2,585. If the price manages to break above this level, it might start a decent increase and rise towards the $2,650 level. The next significant resistance is near $2,720, and a close above this level could initiate another major increase. In this case, Ethereum might even reach the $2,880 zone.
On the downside, if Ethereum fails to clear the $2,585 resistance, it could potentially start another decline. The initial support level on the downside is near $2,495, followed by the key support zone at $2,445. A downside break below this support level might send the price further lower, potentially testing the $2,380 support. Further losses could bring the price towards the $2,320 level.
The hourly MACD for ETH/USD is losing momentum in the bullish zone, indicating a potential shift towards bearishness. The hourly RSI is now slightly above the 50 level, further supporting the possibility of a decline.
It is important to note that the opinions expressed in this article are for educational purposes only and do not represent the views of NewsBTC. Investing in Ethereum or any other cryptocurrency carries inherent risks, and it is advisable to conduct thorough research before making any investment decisions. Users should proceed with caution and use the information provided at their own risk.
Ethereum is currently facing resistance levels and struggling to break through. While there is potential for a fresh increase if it surpasses these resistance levels, there is also the possibility of a decline if it fails. Traders and investors should closely monitor the market and consider the risks before making any moves.