Ethereum has initiated a recovery wave from the $2,400 zone, yet it continues to grapple with breaking through the $2,600 resistance level.
After stabilizing above the $2,400 mark, Ethereum began to climb, surpassing the $2,480 and $2,500 resistance thresholds. This upward movement also saw the price moving past the 23.6% Fib retracement level, rising from a $2,792 high to a $2,395 low. Moreover, ETH managed to breach a significant bearish trend line at $2,550 on the hourly chart.
Despite these gains, Ethereum faces stiff resistance around the $2,600 level. The bears are actively defending the 50% Fib retracement level of the recent downward wave, preventing a sustained move above $2,600. Currently, Ethereum is trading below $2,580 alongside the 100-hourly Simple Moving Average, facing barriers near the $2,550 mark.
Should Ethereum overcome the $2,600 resistance, it could aim for the next target near $2,660. The subsequent key resistance level is around $2,720. A successful break above this point could propel Ethereum toward the $2,820 resistance zone.
Conversely, failure to clear the $2,600 resistance might initiate another downward trend. Immediate support lies around $2,500, with the primary support found close to $2,485. A decisive drop below $2,485 could push Ethereum down to approximately $2,420, where buying interest might re-emerge. Any additional losses may drive the price down to the $2,320 support level, with the next critical support sitting at $2,250.
Technical indicators show that the hourly MACD for ETH/USD is losing strength in the bullish zone, and the hourly RSI for ETH/USD has dipped below the 50 level. Major support remains at $2,485, while major resistance stands firm at $2,600.
