Ethereum price has been facing challenges as it attempts to recover from the $2,400 zone, with the cryptocurrency struggling to gain pace for a move above the $2,600 resistance level. Despite starting a recovery wave above $2,500 and $2,550, ETH is currently trading below $2,550 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at $2,550 on the hourly chart of ETH/USD (data feed via Kraken). However, for the pair to see another increase in the near term, it must stay above $2,485.
Ethereum price has managed to remain stable above $2,400 and has attempted a recovery wave similar to Bitcoin. The price successfully rose above the $2,480 and $2,500 resistance levels, as well as the 23.6% Fib retracement level of the downward wave from the $2,792 swing high to the $2,395 low. Although the price broke above the $2,550 resistance and the key bearish trend line, it encountered resistance near the $2,600 level. The bears were active in protecting the 50% Fib retracement level, leading to ETH now trading below $2,580 and the 100-hourly Simple Moving Average.
On the upside, Ethereum price is currently facing hurdles near the $2,550 level and the 100-hourly Simple Moving Average. The first major resistance is at $2,600, with a close above this level potentially sending Ether towards the $2,660 resistance. Further resistance levels include $2,720 and $2,820. However, failure to clear the $2,600 resistance could result in another decline, with initial support at $2,500 and major support at $2,485. A move below $2,485 could push the price towards $2,420, where bullish activity may emerge. Additional losses might see the price fall towards the $2,320 support level, with a key support at $2,250.
Hourly MACD for ETH/USD shows a loss of momentum in the bullish zone, while the hourly RSI is now below the 50 zone. These technical indicators suggest a potential struggle for Ethereum price to overcome the current challenges and achieve a sustainable recovery.