Ethereum price has recently seen a recovery wave starting from the $1,910 zone. This recovery has led to ETH being up over 10% and consolidating near the $2,500 zone. The price started this recovery wave above the $2,250 and $2,400 levels, which is a positive sign for investors. However, it is important to note that the price is still trading below $2,650 and the 100-hourly Simple Moving Average, indicating potential resistance levels ahead.
The pair could face challenges in clearing the $2,680 resistance zone. Additionally, the price is currently facing hurdles near the $2,550 level and the 61.8% Fib retracement level of the downward move from the $2,920 swing high to the $1,910 swing low. The first major resistance is near the $2,680 level, with the next major hurdle at $2,650. A close above $2,650 could potentially send Ether towards the $2,850 resistance and then the $2,880 level. However, failure to clear the $2,550 resistance could result in another decline.
If the price fails to maintain its current upward momentum and breaks below the $2,250 support, it might push the price lower towards $2,050 and even the $2,000 support level in the near term. The next key support sits at $1,920, highlighting the potential downside risks for ETH in the coming days.
The Hourly MACD for ETH/USD is gaining momentum in the bullish zone, indicating a potential bullish trend for Ethereum price. The Hourly RSI for ETH/USD is now above the 50 zone, which could be a positive signal for investors looking for entry points.
While Ethereum price has shown signs of recovery from the recent lows, there are still challenges ahead in terms of resistance levels and potential downside risks. Investors should carefully monitor the price action and key support levels to make informed decisions regarding their ETH investments.
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