Ethereum’s price is currently consolidating above the $2,550 resistance level. The digital currency has the potential to gain bullish momentum if it can successfully clear the $2,650 resistance zone. However, it is struggling to gather pace for a move above the $2,650 level, despite trading above $2,600 and the 100-hourly Simple Moving Average. A short-term contracting triangle is forming with resistance at $2,640 on the hourly chart of ETH/USD according to data feed via Kraken. This indicates that the price may face some challenges in breaking above key resistance levels in the near future.
Although Ethereum’s price has remained stable above the $2,550 level, it has formed a base and initiated a steady upward move above $2,580. The digital currency experienced a minor pullback below the $2,600 level, leading to a decline below the 50% Fib retracement level. However, Ethereum is currently trading above $2,620 and the 100-hourly Simple Moving Average, demonstrating some level of price stability. In the event of another increase, the price may encounter hurdles around the $2,650 level. The existence of a short-term contracting triangle with resistance at $2,640 on the hourly chart further highlights the potential challenges Ethereum may face in surpassing resistance.
The first major resistance level sits near $2,720, with a close above this level potentially propelling Ether towards the $2,750 resistance. Subsequently, the next key resistance zone stands near $2,880, and an upside break above this level could drive the price towards the $3,000 resistance zone in the near term. However, failure to clear the $2,650 resistance may trigger another decline in Ethereum’s price. Initial support on the downside is positioned near $2,600, followed by the first major support zone near $2,580. A move below this level could push the price towards $2,550, where bullish sentiment may emerge. Further losses might lead the price towards the $2,500 support level, with the next key support level at $2,440.
Based on hourly MACD and RSI indicators for ETH/USD, the MACD is currently gaining momentum in the bullish zone. Meanwhile, the RSI is above the 50 zone, indicating a potential uptrend in Ethereum’s price movement. These technical indicators suggest that Ethereum may experience some bullish momentum in the near future, despite facing resistance levels at key price points.
