Ethereum ’s recent price activity reflects a notable correction from the resistance level of $2,700. Currently positioned above a critical support level at $2,550, there are indications that Ethereum may be poised for potential upward movement.
Following its struggle to breach the $2,700 resistance, Ethereum experienced a decline, mirroring trends seen in Bitcoin . The price dipped below key levels, touching a low around $2,554. After this drop, Ethereum has begun to rebound, rising above $2,580 and reclaiming some lost ground by crossing the 23.6% Fibonacci retracement level of the recent downward trajectory.
Despite this recovery, Ethereum is still trading below the $2,620 level and the 100-hourly Simple Moving Average, suggesting that there are obstacles to overcome before a sustained rally can begin. The primary resistance is observed around the $2,620 level, coinciding with a bearish trend line on the hourly chart. This trend line further strengthens the resistance, as it aligns with the 50% Fibonacci retracement level from the recent high and low transitions.
Looking ahead, if Ethereum manages to clear the $2,620 barrier, it may pave the way for further gains. The next resistance level to watch is around $2,645, and a successful break above this could lead Ethereum toward the $2,700 region, with additional resistance to consider at $2,720 and $2,800.
Conversely, failure to surpass the $2,620 resistance may initiate another decline, with immediate support resting at $2,550. Should the price breach this support level, subsequent support is likely to be found around $2,525, and further drops could target levels near $2,450 and eventually $2,400. Key indicators reflect a cautious outlook, emphasizing the need for Ethereum to regain upward momentum to assure market stability.
