Ethereum price is currently consolidating above the $2,550 resistance, but it is facing challenges in gaining bullish momentum to break above the $2,650 level. Despite trading above $2,600 and the 100-hourly Simple Moving Average, ETH is struggling to make a significant upward move.
The hourly chart of ETH/USD shows a short-term contracting triangle forming with resistance at $2,640. The MACD for ETH/USD is gaining momentum in the bullish zone, indicating a potential upward trend. Additionally, the RSI for ETH/USD is now above the 50 zone, showing a positive sentiment among traders.
If Ethereum manages to clear the $2,650 resistance, it could face hurdles near the $2,720 level. A close above $2,720 might push the price towards the $2,750 resistance, with the next key resistance lying at $2,880. On the downside, initial support is near $2,600, with the first major support resting at the $2,580 zone. A break below $2,580 could lead to a decline towards $2,550, where bullish activity may resume. Further losses could see the price testing the $2,500 support level, followed by a crucial support at $2,440.
ETH had formed a base above $2,550 and initiated a steady upward move, similar to Bitcoin. The price approached the $2,665 level, forming a high at $2,662 before consolidating. Despite a minor pullback below $2,600, the price remained above the 50% Fib retracement level of the upward move from the $2,536 swing low to the $2,662 high.
Ethereum price is currently battling to surpass the $2,650 resistance level. The technical indicators suggest a potential bullish momentum, but the price movement remains uncertain. Traders should monitor the key support and resistance levels mentioned to gauge the future direction of ETH. A breakthrough above $2,650 could pave the way for a rally towards the $3,000 resistance zone, while a failure to clear the resistance might result in a downside correction towards $2,500.