As of now, Ethereum price has shown signs of recovery from the $1,910 zone, with an increase of over 10%. The cryptocurrency is currently consolidating near the $2,500 zone. This recovery wave kicked off with a break above key resistance levels at $2,250 and $2,400. Despite this positive momentum, Ethereum is still trading below $2,650 and the 100-hourly Simple Moving Average.
While the price broke through a bearish trend line with resistance at $2,400 on the hourly chart of ETH/USD, it could face challenges in surpassing the $2,680 resistance zone. The immediate hurdles for Ethereum price lie near the $2,550 level and the 61.8% Fib retracement level of the recent downward move. The major resistance levels to watch out for are at $2,680 and $2,850.
On the downside, if Ethereum fails to clear the $2,550 resistance, it may experience another decline. The initial support is expected near $2,365, followed by a major support zone at $2,250. A breach below $2,250 could push the price towards $2,050 and potentially down to the $2,000 support level. The crucial support level to keep an eye on is at $1,920.
The Hourly MACD for ETH/USD is currently gaining momentum in the bullish zone, indicating a positive trend. Additionally, the Hourly RSI has crossed above the 50 zone, further supporting the bullish outlook for Ethereum price movement.
While Ethereum has shown signs of recovery and bullish momentum, it still faces resistance at key levels. Traders and investors should closely monitor the price action around the resistance and support zones mentioned to gauge the future direction of Ethereum price movement.