Ethereum ’s price has reached new heights, surpassing the $2,650 resistance level. However, it is currently undergoing a correction and is anticipated to find support around the $2,600 level. Following an ascent above significant resistances, Ethereum is now experiencing pricing fluctuations after peaking near $2,700.
The recent surge allowed Ethereum to break through the $2,550 and $2,650 resistance levels, peaking at $2,701 before entering a corrective phase. During this decline, it dipped below the $2,650 level and fell under the 23.6% Fibonacci retracement of the upward movement from the recent low of $2,528 to the high of $2,701. Despite this pullback, Ethereum is maintaining a trading price above $2,600 and the 100-hourly Simple Moving Average. Additionally, a bullish trend line offers support just below the current price.
As Ethereum continues to face challenges near the $2,650 resistance, further movements are essential to gauge future prospects. Overcoming the $2,700 barrier could signal a bullish trend, propelling the price toward the $2,780 resistance zone, with subsequent hurdles identified at approximately $2,840 and $2,880.
On the contrary, should Ethereum struggle to breach the $2,650 resistance, it may experience further declines. The first line of support can be found around $2,615, with significant support at the $2,600 level, infused by the bullish trend line. A decisive drop below $2,600 could lead Ethereum towards $2,550, with potential further losses targeting the $2,525 support level, and beyond that, $2,450.
In terms of technical indicators, the hourly MACD indicates a building bearish momentum, while the relative strength index (RSI) has fallen below the neutral 50 level. The market remains closely monitored for potential shifts in momentum.
