Ethereum’s price has recently failed to break above the $2,550 resistance zone, leading to consolidation around the $2,450 mark. This lack of upward momentum has sparked some bearish signs within the market, causing investors to be cautious about the future movement of ETH.
Despite starting a recovery wave above the $2,400 level, Ethereum has struggled to maintain its upward trajectory. The price is currently trading below $2,550 and the 100-hourly Simple Moving Average, indicating some resistance in the market. A break below a connecting bullish trend line at $2,500 further adds to the bearish sentiment.
While Ethereum may face hurdles near the $2,500 level, a clear breakout above $2,550 could pave the way for a steady rise. In this scenario, ETH could target the $2,685 and $2,865 resistance levels, with a potential move towards the $3,000 zone. However, failure to break above $2,550 may trigger a downside move, with initial support near $2,350 and a major support zone around $2,300.
The hourly MACD for ETH/USD is showing signs of bullish momentum, while the RSI has crossed above the 50 zone. These technical indicators suggest a potential shift in market sentiment, with investors closely watching for any further developments in Ethereum’s price movement.
Ethereum’s current price action suggests a period of consolidation and uncertainty in the market. While a breakout above $2,550 could lead to a bullish continuation, failure to do so may result in a downside correction towards key support levels. Investors should monitor technical indicators and market trends closely to assess the future direction of Ethereum’s price movement.