Ethereum’s price trajectory experienced a hitch as it attempted to forge ahead past the $2,600 mark, with its advances capped below $2,620. This setback led to a trimming of gains, putting Ethereum at risk of falling below its pivotal support zone at $2,500.
Embarking on a fresh ascent, Ethereum endeavored to break the $2,620 threshold but fell short. Prices slipped beneath the $2,550 benchmark and also dipped below the 100-hourly Simple Moving Average, indicating potential bearish undercurrents.
The hourly chart for ETH/USD portrays a conspicuous bearish trend line with resistance forming around the $2,540 mark, suggesting that Ethereum may face further hurdles on its path upward. However, if the bullish defenders manage to uphold the critical support levels at $2,500 and $2,470, there’s the potential for Ethereum to reignite its upward momentum.
Ethereum initially witnessed a resurgence that pushed it above the $2,520 resistance zone. It even nudged past $2,550, aligning itself with Bitcoin’s gains before encountering resistance near $2,600.
After hitting the peak at $2,614, a downward trajectory ensued, penetrating below the $2,550 support. The decline traversed past the 61.8% Fib retracement level of the ascent from the $2,471 low to the $2,614 peak.
With trading prices waning beneath $2,550 and the 100-hourly Simple Moving Average, the bulls are seen tentatively gathering strength above the 76.4% Fib retracement level of the same wave.
The upside resistance looms near $2,540, where the bearish trend line persists. A break above the immediate resistance at $2,580 is crucial for a resumption of Ethereum’s climb, potentially propelling the price towards the $2,620 mark.
Beyond this threshold, resistance looms near the $2,650 zone, with a decisive close above that potentially signaling a more robust uptrend. Such a bullish scenario could set Ethereum on a path towards the $2,720 resistance level, and on to the $2,800 vicinity.
Conversely, should Ethereum stumble at the $2,540 resistance, a slide could ensue. The initial support is anticipated around $2,500, followed closely by a more significant defense line at $2,470. A breakdown below here could shepherd Ether towards a test of the $2,400 support line, with a risk of further declines to the $2,350 plateau.
Looking at technical indicators, the Hourly Moving Average Convergence Divergence (MACD) is leaning into the bearish territory, while the Hourly Relative Strength Index (RSI) has sunk below the midpoint of 50, flagging a downturn in bullish momentum.
The frontline support and resistance levels stand firm at $2,500 and $2,540, respectively, serving as vital thresholds that may dictate Ethereum’s near-term market movement.
