Ethereum is currently in a recovery phase, trying to rise above the $2,420 level. To maintain this upward movement, it must overcome the key resistance level of $2,500 in the near future.
After dropping to around $2,320, Ethereum ’s price showed signs of recovery. It initially fell below the $2,400 level and even dipped below the $2,350 support level. However, market support emerged, forming a low at $2,308. Since then, Ethereum has witnessed a rebound similar to that seen in Bitcoin . The price has managed to surpass the $2,350 and $2,400 resistance zones, climbing above the midpoint of the recent price decline, which had started from the $2,565 peak down to the $2,308 low. This positive momentum included a breakout above a significant bearish trend line around the $2,430 level.
Despite these advances, Ethereum is encountering resistance in the vicinity of $2,480. The cryptocurrency is trading below both the $2,480 level and the 100-hourly Simple Moving Average. The $2,465 region poses another challenge, being close to the 61.8% Fibonacci retracement level of the recent downturn.
The primary resistance level to watch is $2,500. Should the price break above this level, it could gain traction towards reaching the next resistance at $2,550, with an eye on the $2,620 boundary thereafter. If Ethereum fails to breach the $2,465 resistance, a downward trend could ensue. Key initial support levels sit around $2,435 and $2,400, with further declines potentially extending toward the $2,340 or even $2,300 support levels.
Overall, the technical indicators suggest a critical juncture for Ethereum , emphasizing the significance of overcoming immediate resistance to sustain upward momentum.
