Ethereum ’s recent performance has shown a continuation of its downward trend, testing the critical $2,450 support area. Currently, the cryptocurrency is attempting to recover, albeit with significant challenges in surpassing the $2,550 mark.
Following a decline that mirrored trends seen in Bitcoin , Ethereum ’s price fell to as low as $2,445 before initiating a recovery phase. This rebound allowed for a modest rise above the $2,500 level, coinciding with a break above a significant bearish trend line that had previously capped higher price movements at around $2,540. However, despite this positive development, Ethereum ’s price continues to trade below both the $2,560 threshold and the 100-hourly Simple Moving Average, indicating ongoing resistance at these levels.
The immediate hurdles for Ethereum ’s price are now centered around the $2,560 level. A pivotal resistance is located at $2,580, which aligns with the 100-hourly Simple Moving Average. The primary resistance appears to be solidifying near the $2,600 level, near the 50% Fibonacci retracement point of the decline from a high of $2,760 to the recent low of $2,445. A decisive movement above $2,600 could propel Ethereum toward the next resistance at $2,650, and further advances may see it targeting the $2,750 region.
Conversely, if the cryptocurrency struggles to break through the $2,560 resistance, it may initiate another downward move. The initial support is positioned at approximately $2,505, with a significant support level near $2,485. A decline beneath $2,485 could send the price back toward the $2,450 mark, with potential further losses leading down to the $2,420 support level in the near future. The next critical support zone lies around $2,340, indicating that the price action ahead remains highly sensitive to these resistance and support levels.
