Ethereum price has been fluctuating recently, testing the $2,400 zone and experiencing both losses and gains. The key level to watch is the $2,550 resistance zone, as it could potentially trigger a significant increase in the near future.
Following a sharp decline to $2,400, Ethereum has entered a consolidation phase. Currently, the price is below $2,550 and the 100-hourly Simple Moving Average. This indicates a period of uncertainty and potential volatility in the market.
A crucial bearish trend line is forming with resistance at $2,555 on the hourly chart of ETH/USD, according to data from Kraken. In order to initiate a recovery wave, Ethereum must surpass the $2,555 and $2,600 resistance levels.
Despite dropping below $2,650, Ethereum managed to find support near the $2,400 zone. With a recent minor recovery wave, the price has broken above the $2,450 and $2,480 levels. This move indicates a potential turnaround from the recent downtrend.
The current price of Ethereum is trading below $2,550 and the 100-hourly Simple Moving Average. The key level to watch on the upside is the $2,550 resistance, followed by the important $2,600 level. Failure to break these levels could lead to another decline towards the support zones.
On the downside, initial support is found near $2,480, with a major support zone near $2,450. If the price breaks below $2,450, the next support level to watch is around $2,425. Further losses could potentially push Ethereum towards the $2,320 and $2,250 support levels.
Indicators Analysis
Hourly MACD for ETH/USD is currently showing signs of losing momentum in the bearish zone. On the other hand, the hourly RSI is now above the 50 zone, indicating a potential shift towards a more positive market sentiment.
Overall, Ethereum price is at a critical juncture, testing resistance levels and facing key technical indicators. The ability to break above the resistance levels will determine the future trajectory of Ethereum in the near term. Investors and traders should closely monitor these levels for potential trading opportunities.