Ethereum is currently in a phase where it is attempting to recover from the $2,400 zone. The price has shown some positive signs but faces certain key resistance levels that need to be surpassed for further gains.
The Ethereum price must clear the hurdle at $2,550 to continue its upward trajectory in the near term. This level has proven to be a challenge, as the price seems to be facing hurdles near $2,550 and $2,600. Conversely, failure to clear the $2,550 resistance could lead to another decline.
Technical Indicators
The technical indicators, such as the MACD and RSI, are showing signs of bullish momentum. The hourly MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI for ETH/USD is above the 50 zone. These indicators suggest that there may be further potential for price gains in the near future.
Ethereum recently started a decent recovery wave above the $2,450 level, with the price trading above $2,500 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line, with resistance at $2,485, on the hourly chart of ETH/USD. The price has also climbed above the 50% Fib retracement level of the downward wave. However, it is important for the price to stay above $2,500 to initiate another increase in the near term.
Ethereum is currently navigating a recovery phase from the $2,400 zone. The price movements and technical indicators suggest that there is potential for further gains, provided that key resistance levels are surpassed. Traders and investors will be closely watching the price action near $2,550 and $2,600 to determine the future direction of Ethereum price.
