The Ethereum price has been making attempts at a recovery wave from the $2,400 zone, with the goal of clearing the $2,550 mark to continue its upward momentum. The price action has shown some positive signs, with Ethereum starting a decent recovery wave above the $2,450 level.
The price is currently trading above $2,500 and the 100-hourly Simple Moving Average, indicating a potential bullish trend. However, there are hurdles to overcome, with key resistance levels near $2,550, $2,600, and $2,720. On the downside, initial support is seen near $2,495, with major support sitting at the $2,450 zone.
Looking at the technical indicators, the MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI is now above the 50 zone. These indicators suggest a positive outlook for Ethereum price in the near term.
If Ethereum fails to clear the $2,550 resistance, it could experience another decline towards the $2,400 support level. Further losses might push the price towards the $2,320 support level and potentially even lower to $2,250. On the other hand, a successful break above the resistance levels could propel Ethereum towards the $2,650 and $2,800 zones in the short term.
Ethereum price is currently in a critical juncture, with clear resistance and support levels to watch. Traders should monitor the price action closely and be prepared for potential breakout or breakdown scenarios. The technical indicators are showing positive signs, but market volatility could lead to sudden price movements. It will be interesting to see how Ethereum price reacts to the current market conditions in the coming days.
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