Despite encountering resistance at the $2,550 mark, Ethereum’s price is enduring a phase of consolidation. While the cryptocurrency has managed to hover above the $2,480 threshold and stay afloat the 100-hourly Simple Moving Average, it recently experienced a slight retreat from its upward trajectory. This was evidenced by a break below a connecting bullish trend line, resting at the $2,515 support on the hourly chart.
The situation remains fluid, and Ethereum’s directional momentum appears to hinge on its ability to maintain itself above the critical support zone of $2,475. Should Ethereum manage to hold its ground, there may be potential for a fresh ascent. An upward movement could see the price navigating past $2,520, with sights set on successive resistance levels at $2,550, and possibly escalating towards the $2,620 and $2,680 benchmarks.
The strength of the bull market could propel Ethereum beyond the $2,750 barrier, inching towards the coveted $2,800 level. However, the failure to overcome the $2,550 resistance could pivot the cryptocurrency towards a downward correction. Immediate support looms at the $2,475 level, closely followed by the 100 hourly SMA, while the $2,460 region stands as a pivotal marker. A break below this level could drive Ethereum to lower support thresholds, potentially revisiting $2,400 or mustering at the $2,282 swing low’s 50% Fib retracement level, with $2,380 serving as the principal stronghold. Should the price trajectory slip further, it may find itself retesting the $2,280 zone.
Monitoring the hourly MACD illustrates a waning bullish momentum for ETH/USD, while the RSI maintains above the neutral 50 mark, suggesting a potential equilibrium in buying and selling pressure.
In summary, Ethereum sustains above major support at $2,475, while aiming for key resistance near the $2,550 horizon. Investor sentiment and market dynamics in the coming hours are poised to dictate Ethereum’s immediate financial narrative.
