As Ethereum price attempts to recover from the $2,400 zone, the struggle for gaining momentum above the $2,600 resistance zone becomes evident. Despite a recovery wave starting above $2,500 and $2,550, the price remains below $2,550 and the 100-hourly Simple Moving Average.
There was a break above a critical bearish trend line with resistance at $2,550, as observed on the hourly chart of ETH/USD. However, the bears became active near the $2,600 resistance, preventing any further upward movement. The bulls need to ensure that the pair stays above $2,485 in order to initiate another increase in the near term.
Ethereum price managed to remain stable above $2,400 and initiated a recovery wave, similar to Bitcoin. The price rose above key resistance levels at $2,480 and $2,500, showcasing a strong effort to recover. Additionally, there was a move above the 23.6% Fib retracement level, indicating a positive momentum. Despite surpassing the $2,550 resistance, the bears thwarted any advancement near the $2,600 resistance.
Currently trading below $2,580 and the 100-hourly Simple Moving Average, Ethereum price faces obstacles near the $2,550 level and the 100-hourly SMA. The primary resistance lies at $2,600, with a potential push towards the $2,660 resistance upon crossing this level. Failure to breach the $2,600 resistance could lead to another decline, with initial support at $2,500 and major support at $2,485. Further downside movement might bring the price to $2,420, where bullish activity could emerge, while key support levels are seen at $2,320 and $2,250.
The hourly MACD for ETH/USD shows a weakening momentum in the bullish zone, signaling potential challenges ahead. Additionally, the hourly RSI is now below the 50 zone, indicating a shift in sentiment towards a more bearish outlook.
The battle for Ethereum price recovery continues as it navigates through key resistance levels and mounting hurdles. Traders and investors closely monitor the price movements and technical indicators to gauge the direction of the market and make informed decisions.
